Societe Generale Joins the Bidding For CatalunyaBanc

3/07/2014 – Expansion

Societe Generale is the new candidate to acquire Catalunya Banc. The French bank seeks expanding its network in Spain.

The most serious competitors at the auction are Banco Santander and CaixaBank that work hard on the operation with their 400 people-staff each.

President of CaixaBank, Isidro Fainé, said he takes part in the auction due to his “obligation” to acquire another Catalonian entity. Experts from the market think, though, that he does not want Santander to gain a market share in that region as purchase of CatalunyaBanc tempts with 715 offices and 3.6 million customers. What is more, the nationalized entity manages an over €63 billion worth of assets.

BBVA, an anonymous fund and Mora Banc have got much less chances at the auction. Moreover, the Andorran entity must find a partner as it is not able to bid alone.

Prolonged deadline for binding offers passes on July 18th.

 

Original article: Expansión

Translation: AURA REE

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