The recent waves of bank closures in Andalucia got me thinking about the state of the banking sector in the region. Under Manuel Chaves during the boom years, the Junta did all it could to allow the rapid growth of credit institutions in the region. In 2006 the region could boast of being the home of : 5 savings banks (cajas de ahorros) (Unicaja, Cajasol, Cajasur, CajaGranada & Caja de Jaén) 1 bank (Banco de Continue reading The state of the Andalucian banking sector→
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→
Normally, when a bank collapses, you hear a lot about it. TV images of people queuing to get their money out. Maybe a riot. Not, however, over the weekend when Cajasur, the savings bank owned and operated by the Catholic Chuch in Cordoba, quietly gave up the ghost after, amazingly, walking away from a rescue deal offered by Unicaja. Madrid quietly shut off the life support machine on Saturday, and a few grieving relatives had Continue reading Cajasur slips beneath the surface… only a few bubbles left→
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 Continue reading Goodbye Unicaja, hello UniCajaSur (and a bit for the blighters in Cordoba Church too)→
Caja Castilla La Mancha, which has been tottering for a while, quietly fell over today and was quickly taken over by the national bank Banco de Espana. The politicians have been trying to quietly merge it with Andalucian giant Unicaja for a while now – No doubt Banco de Espana will keep the smelly bits while Unicaja, who are sharp cookies, keep the sweet pieces.
Marvellous idea. Our own Unicaja (formed several years ago out of a merger between several provincial cajas), also known as El Monte de Piedad y Caja de Ahorros de Ronda, Cádiz, Almería, Málaga y Antequera (or UNICAJA – Caja del Sol) is Andalucias biggest financial entity and is based out of Malaga. It has a huge portfolio, sound financial rating and little exposure of dodgy debt. Caja Castilla la Mancha is a second rate Caja Continue reading Unicaja to merge with Caja Castilla la Mancha (shotgun wedding, although the in laws pretend it isn’t)→