UPDATE 1-Bancaja says NH bank shareholders form pact

* Three savings banks form shareholder pact

* Combine stakes into one 20.7 pct holding

* NH Hoteles shares up 0.51 pct

MADRID, Dec 28 (Reuters) - Spanish savings banks holding a total of 20.7 percent of hotel chain NH Hoteles (NHH.MC) have formed a shareholders pact and combined their individual stakes, one of them -- Bancaja -- said on Monday.

The banks involved are Caja Madrid with a 10 percent stake, Ibercaja with 5.041 percent and Bancaja with 5.66 percent.

Other core shareholders of NH Hoteles are Spanish peer hotel chain Hesperia with 25 percent, Basque savings bank Kutxa with 6.1 percent and Italian bank Intesa SanPaolo (ISP.MI) with 5.65 percent.

In September, NH Hoteles and privately-owned Hesperia agreed to merge their hotel management operations to create the largest hotel group in Spain's urban segment.

Shares in NH Hoteles rose 0.51 percent to 3.91 euros at 1318 GMT, compared to a 0.46 percent rise on the blue chip IBEX .IBEX. (Reporting by Judy MacInnes; editing by Tracy Rucinski)