The Spanish Banking Association (AEB) stressed that if savings banks believe it is advantageous to expand abroad because they have better opportunities to develop their business than within Spain, the AEB "has nothing against it" as long as the Bank of Spain authorizes it.
Basurto made these statements during the presentation of bank results up to September in response to journalists' questions about the intention shown by some savings banks, such as Caja Madrid or La Caixa, to expand internationally.
In this regard, the AEB's financial advisor pointed out that the association will never judge the actions of the savings banks and stressed that it will not assess La Caixa's decision to list its industrial holdings on a hold/olding stock exchange.
In his opinion, it is only an operation of consuming its own resources that "will be beneficial to him", about which he has "nothing more to say".
Specifically, the Governor of the Bank of Spain, Miguel Angel Fernández Ordóñez, stated that Caixa's decision to float part of its industrial portfolio on the stock exchange in 2007 is "a further step" in the policy of bringing savings banks' operations closer to those of commercial banks, and affirmed that the institution he heads will examine these "steps" and the savings banks' intentions to go international very carefully and on a case-by-case basis.
Regarding the intention of some savings banks to seek opportunities abroad, the Governor of the Bank of Spain stressed that the "unique situation" of savings banks in terms of their ownership structure prevents a "certain market discipline," and therefore argued that the operating models of banks and savings banks should be brought closer together.
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