After a series of whirlwind mergers, Spain’s floundering regional savings banks—the cajas de ahorros —have pared their numbers from 45 to 17. As mergers continue, the final count may go down to just ten. But the cajas still aren’t on solid ground yet, as higher capital requirements force them to court outside investors.
The Bank of Spain kicked off the wave of mergers in May 2010, after it seized the troubled CajaSur ["Shotgun Wedding Planners," The American Lawyer , September 2010]. With restructuring funds from the Spanish government, the cajas began rushing into each other’s arms. For lawyers at Spain’s largest firms, the high-speed consolidation among the cajas has practically been a full-employment act.
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