The State has approved a deal in which Unicaja, Andalucia’s biggest savings bank, takes on Banco CEISS without paying a eurocent. Banco CEISS was formed out of the ruins of Caja España and Caja Duero. It too, promptly went bankrupt. The taxpayer has so far injected 525 million euros into this trainwreck. However, Unicaja has, very sensibly, refused to accept ANY of the liabilities of CEISS. Instead, all assets of CEISS will be turned over Continue reading Unicaja gets Banco CEISS for free, taypayer pays the 525 million euro debt
Cajamar, our local savings bank whose hq is in Almería, has been forced into a number of shotgun marriages over the last two years, as the central government made it merge with poorer, on-the-brink savings banks from across the country, and today will see the signing of the greatest merger of them all, as Cajamar merges with Ruralcaja to become Spain’s largest savings bank, with 44% of the national market. The signing will take place Continue reading Cajamar today becomes Spain’s biggest savings bank
Telecinco, the national TV channel, has announced that it is prepared to merge with another operator in order to service it’s debts. The most likely candidate is La Sexta, and negotiations are “advanced”. Telecinco and La Sexta were until recently sworn enemies as Telecinco took La Sexta to court after the two owners had a dispute and La Sexta started several prime time programs taking the mick out of Telecinco. Indeed, the Telecinco lawsuit became Continue reading Telecinco and La Sexta to merge???