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Firms eye up cajas’ assets

The Spanish savings bank crisis is presenting a buying opportunity for private equity firms

Spain’s troubled savings banks – cajas de ahorros – which account for €1.3 trillion of assets, are up for grabs. But despite law changes that allow foreigners to take majority stakes, deals are still running at a trickle.

Some private equity firms have been circling, but the gap between sale price and buying price has failed to narrow sufficiently for a deal to be struck.

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