MADRID Nov 29 Spanish savings bank Ibercaja
Banco will take over peer Banco Grupo Caja 3, formed by the
fusion of three savings banks, the two lenders said on Thursday.
The acquisition will go ahead once Caja 3's restructuring
plans are approved, the banks said.
Ibercaja needs to beef up its capital by 226 million euros
($293 million) to weather a serious downturn of the economy,
according to an independent audit released in September, while
Caja 3 had needs of 779 million euros.
An early plan to merge three entities - Ibercaja, Liberbank
and Caja 3 - was called off after the audit revealed the
potential group had a combined deficit gap of 2.1 billion
($1 = 0.7705 euros)
(Reporting by Clare Kane; Editing by Fiona Ortiz)