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Western EuropeMay 2 2017

Buoyant Spanish banks finally look forward with optimism

As the Spanish economy ticks up, the country’s banks are feeling cautiously optimistic and confident enough to consider expansion, both at home and abroad, while ramping up their digital strategies. Jules Stewart reports.
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Spanish bankers greeted 2017 with a sigh of relief. The general election in June 2016 ended the country’s year-long political deadlock, during which it was effectively without a government. The victory of the centre-right Popular party restored stability on the political front.

Last year also saw a material improvement in the asset quality of Spanish banks, largely on the back of 3.2% gross domestic product (GDP) growth, which made Spain one of the eurozone’s fastest growing economies. The country's property meltdown of 2008, which set off a near-decade-long recession, enjoyed a dramatic turnaround in 2016, with a 4.7% increase in house prices, the strongest performance in nearly a decade.

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