Blogging from the Murcia region of Spain until early June, when I return to
the Highlands of Scotland for a few months

'Fair and softly goes far' - Miguel de Cervantes

Tuesday, 4 August 2009

Rumours of savings bank mergers involving CAM

Rumours seem to be flying around that Caja Madrid is interested in 'merging with' ('taking over'?) the Alicante-based CAM (Caja de Ahorros del Mediterráneo - see * below), but CAM is currently denying that any talks between the two organisations are taking place, whilst acknowledging that the bank is open to merger talks with other organisations. On the other hand, somewhat contradictory statements have appeared concerning possible mergers that protection of jobs within CAM is a prime concern of CAM employees and their represenatives, acknowledging that in 'the current context' such mergers may be inevitable. Another savings bank being mentioned as a possible merger candidate for Caja Madrid is Caixa Galicia, although the latter (and the Galician government backs this up) denies that there are contacts and will refuse to have formal talks on the matter.

The 'current context' is of course the severe recession/depression presently being experienced worldwide, with the Spanish economy being one of those most acutely affected, principally because of the severe downturn in the construction and property markets, not to mention the very significant downturn in tourist arrivals from abroad, one of the major foreign currency earners for the country.

* - I don't know what I was thinking when I originally wrote the full name of the CAM Bank near the top of this article, but I had it as something completely erroneous. I have now corrected it. I've known all along what the correct name is, but I must have been operating on 'auto-pilot' or something that day; my apologies. It so happens it is the bank with which I maintain my Spanish bank account - I have always found them efficient and helpful with my relatively limited needs. (Note added on Tuesday 18AUG09 at 23.27 BST.)

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