CaixaBank SA : Spain Seeks Flexibility on Savings Banks Giving Up Majority Stakes -Report
09/16/2012| 07:06pm US/Eastern
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The Spanish government and the country's savings banks are negotiating with the European Union for more flexibility on one of the condition tied to the rescue aid for the Spanish banking sector that establishes that Spanish savings bank need to give up their majority stakes in their banks, reports Cinco Dias in its Monday Internet edition.
Spain is looking for the EU to make an exception for those entities that are solvent, but Brussels doesn't seem to be giving in, the newspaper says, citing unidentified sources.
If negotiations are fruitless, the most affected financial entities will be La Caixa, which controls 61% of CaixaBank SA (CAIXY, CABK.MC) and the Basque savings banks that own Kutxabank.
Newspaper Web site: www.cincodias.es
Write to Enza Tedesco at enza.tedesco@dowjones.com
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