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Western EuropeJuly 31 2005

Savings banks defend special status

The war of words between savings banks and commercial banks is heating up as the European Commission prepares its study of obstacles to banking consolidation in the EU.“The cajas [Spanish savings banks] acquire the leftovers of bankrupt banks,” said Juan Ramón Quintás, chairman of the Confederación Española de Cajas de Ahorros (CECA) – the association of Spanish savings banks.
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He was responding to a report from the European Banking Federation (FBE) that lambasted the cajas and the German Landesbanken [savings banks].

Mr Quintás also accused Spanish commercial banks of trying to win the battle for customers “in offices rather than in the marketplace”. The cajas account for half the Spanish financial system and have been winning market share.

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