27/06/2014 – Expansion
Spanish cooperative savings banks cross the limits. At least two huge American funds, Cerberus and JC Flowers are negotiating with Cajamar on possibility to inject €350 million in fresh capital into the entity.
Allegedly, the ampliation would reinforce the branch of Cajamar – Banco de Crédito Social Cooperativo, although the bank claims there is no relation between the two matters. The newly created credit institution associates 32 cooperative savings banks with 4 million customers, 6.500 employees and 1.350 offices.
Cajamar also denies that the funds are the only finalists at the operation, as also insurance firms like Generali and financial groups specilized in cooperatives like Rabobank and Crédit Agricole wish to present their bids. The bank says it seeks long-term investors as in short-term it does not foresee becoming listed.
Cerberus bought two servicing companies from banks, Bankia Habitat and Cimenta2 (from Cajamar itself) through its investment arm Haya Real Estate. JC Flowers at the moment is eyeing the Spanish market without any decisive movements, however it in other countries it owns Italian insurer Eurovita and a part of Northern Rock´s portfolio.
Original article: Expansión (by Jorge Zuloaga)
Translation: AURA REE