Caja Madrid, interested in takeovers in Romania

Caja Madrid, the second largest bank on the Spanish market, is in search of potential takeover targets in Romania and Poland and plans to make acquisitions worth around half a billion euros. “We may extend our interest outside the US to Europe,” said Miguel Blesa, chairman of Caja Madrid, cited by Reuters. The announcement came after the Spanish took over the controlling interest in the American bank City National Bank of Florida for 927 million dollars (590 million euros). Blesa pointed out that he was targeting similar size acquisitions and even smaller ones, specifying that he was “very interested” in markets in Central and Eastern Europe, especially Romania and Poland. As early as last summer, Caja Madrid notified the NBR (National Bank of Romania) of its intention to carry out operations on the local market by virtue of the European financial passport. Another top ranking Spanish bank, La Caixa, launched a subsidiary on the local market last autumn. Recently, information has emerged on the market, according to which La Caixa will take over Libra Bank, a small local player, held by investment fund New Century Holdings.