Savings banks (cajas de ahorro), are a type of credit entity that represents almost half of volume within the Spanish financial sector. Akin to French caisses d’epargne or Italian casse di risparmio, savings banks are traditional, locally-orientated entities of variable (but generally limited) size, with strong economic and social ties to their home region.
Although savings banks fully participate in the market, they are a special category within the financial services industry, as they are structured as foundations rather than companies. As a result, they are governed by representatives of collective stakeholders; mainly customers, employees and local authorities.
