The binding offer by Unicaja to acquire Banco CEISS is good news.
In line with the previous restructuring plan, Banco CEISS will focus its business on retail and SME lending in its core regions, namely Castilla y Leon and the province of Caceres.
However, the CoCos will be converted into ordinary shares if the owners of Banco CEISS do not accept Unicaja's offer.
CEISS was intimately involved in the implementation of Colleague, helped each campus develop rules and procedures, and provides ongoing training.
The CEISS consortium is a proving ground for the following concerns, often raised about the ASP model:
David Rees, chief executive officer of CEISS, says that it was crucial to walk the VP/administration or the business manager at each institution through the business case, to show them that they could save money, but not at the expense of services.
is a Spanish regional bank resulting from a merger of two savings banks in 2010.
In a statement, EU Commissioner Joaquin Almunia said that the plan was in line with the European regulations and would allow Banco CEISS to become successful in the long term.
In April, the Spanish central bank's restructuring fund FROB agreed to provide Banco CEISS with EUR604m (USD786.
The restructuring plans of BMN, Caja3, Banco CEISS and Liberbank will make these banks viable again, thereby contributing to restoring a healthy financial sector in Spain, while minimising the burden for the taxpayer," saidaCompetition Commissioner Joaquin Almunia.
BMN, which has just been nationalised, should cut its balance sheet by 40% by 2017, Banco CEISS by 30% and Liberbank by 25%.
Banks are committed not to spend their dividends, and an acquisition ban will apply for Liberbank, Banco CEISS and BMN during the restructuring period.