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Spain's PM Sanchez sees positive aspects in Bankia-Caixabank merger

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Spain's Prime Minister Pedro Sanchez on Monday said there were positive aspects in the proposed merger of Spanish lenders Caixabank and state-owned Bankia and called on the sector to take steps to consolidate further.

FILE PHOTO: Spanish Prime Minister Pedro Sanchez speaks during a news conference after a cabinet meeting, amid the coronavirus disease outbreak, at the Moncloa Palace in Madrid, Spain, August 25, 2020. REUTERS/Juan Medina/File Photo

Since the end of the 2008 financial crisis, the number of major lenders in Spain has dropped to 12 from 55 but regulators see more scope for mergers as a way to cut costs. He also said that the deal was made public when Bankia and Caixabank decided to initiate negotiations.

 

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