Amazing bit of poker playing, this one. Despite the fact that the greedy, grasping bishops of Cordoba ran their bank into the ground speculating on dodgy real estate deals (Cajasur was bankrupt and kept alive only by a wallet transfusion by the Bank of Spain to save ZP having a red face), they’ve managed to merge the damn thing with a properly run bank (Unicaja), get their losses covered (1.024 million euro cheque from the state) and still have the main say over how social projects sponsored by the bank are spent.
No wonder Reverend Santiago Gómez Sierra, President of Cajasur, went on a massive binder last weekend (and almost didn’t turn up in time to sign the merger). Rumour has it that he was so hungover he couldn’t sign his name during the big ceremony. (Actually, I made that up but it’s fun to imagine it).
Does “UniCajaSur” roll off the tongue as easily as “Unicaja”? Me thinks not.