Spain's Banca Cívica said it has appointed Credit Suisse as the sole manager of its planned initial public offering later this year -- the first mandate given in what is expected to become a stream of flotations of Spanish savings banks over the next few months.

The savings bank, formed after the merger of Caja Navarra and CajaSol with three smaller cajas, plans to sell between 25% and 40% of its equity, it said. The group will manage assets of €75bn, Bank of America Merrill Lynch recently said in a note.