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Spain's Caja Madrid sticks with Cibeles IPO plan

Tue Oct 7, 2008 8:00am EDT

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MADRID, Oct 7 (Reuters) - Caja Madrid is continuing with plans to list Cibeles, the investment vehicle that manages its banking stakes, once market conditions permit, a spokesman for Spain's second largest savings bank said on Tuesday.

"We are going ahead with the process of registering the documentation for the listing, which we still hope will take place in the last quarter of the year as long as market conditions permit," the spokesman said.

The spokesman denied a report on financial website finanzas.com that Caja Madrid had put the plan on hold. The savings bank intends to list about 30 percent of the vehicle.

Cibeles will incorporate Caja Madrid's stakes in insurer Mapfre (MAP.MC), 83 percent of City National Bank of Florida and its stake in the Mexican mortgage lender Hipotecario Su Casita -- holdings altogether valued at close to 2 billion euros ($2.72 billion).

In June, Caja Madrid chairman Miguel Blesa warned that the stock market listing would depend on market conditions and could be delayed if the financial turbulence continued.

(Reporting by Robert Hetz; Writing by Judy MacInnes; editing by John Stonestreet)



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