Sovereign wealth funds from Gulf states are laying the groundwork for acquisitions of "significant minority stakes" in Spain's troubled savings banks.
Initial talks have begun with state investment firms in Dubai, Abu Dhabi, Kuwait and Qatar to take equity stakes in the Spanish cajas de ahorros, or savings banks, according to an industry trade body that concluded a tour of Gulf states yesterday. "We're confident that we're going to see finalised investments in specific opportunities," said Jorge Gil, the managing director of Ceca, the Spanish Confederation of Savings Banks. He declined to offer further details, citing client confidentiality.
He said the current recapitalisation process would result in "cajas that are stronger, significantly bigger, much better capitalised … and which are welcoming to private investors, with increased levels of corporate governance".
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