Tuesday, 27 March 2012

Why will one of Jimena's three banks have to close?

Jimena branches
News yesterday confirmed that three months' worth of negotiation has ended with an agreed share swap whereby Banca Cívica is taken over by CaixaBank. Banca Cívica owns Cajasol since a previous rush to convert and conjoin building societies into banks. La Caixa became CaixaBank in the aforesaid M&S panic. Jimena has a branch of each. The question, alas, is which one is going to be closed, and will we know any of the faces taking over? The same will apply wherever there is a duplication of these two entities. Sadly, unemployment looms for many people in the banking business - more likely, of course, in the lower echelons without golden parachutes.

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