スペインのCaja Duero Espanya(Banco Ceiss)の、Unicaja Banco との吸収合併で、Unicaja Banco は、4億0000'0000ユーロを要求。
Unicaja reclama 400 millones para cerrar la adquisición de Caja España
El banco malagueño teme la factura del banco malo y de las preferentes
La operación se debe cerrar el próximo 30 de abril
Íñigo de Barrón Madrid 22 ABR 2013 - 01:55 CET
Unicaja claims 400 million to close the acquisition of Caja Spain
The bank fears Malaga bad bank bill and the preferred
The transaction should close next April 30
Barron Inigo Madrid 22 ABR 2013 - 1:55 CET
In the financial sector there is still no clear pump. I almost did not talk about it, but it is with the fuse attached. It's called Caja Duero Spain (Banco CEISS) and has 26 months negotiating a merger with Unicaja Bank. The organization headed by Braulio Medel, (Marchena, Seville, 1947), consider that the latest financial regulations and the Memorandum of Understanding agreed rules have changed in March 2011. This has resulted in new demands on supplies, the creation of bad bank and problems with preference shares, so Unicaja requires about 400 million to close the deal.
Especially the organization fears that the bad bank Malaga (SAREB) announced requiring return of the money collected if there are "hidden defects" in real estate assets transferred, which could mean a bill of more than 300 million over the next three years. They also suspect that arbitrations on preferred and subordinated debt (with emissions of 1,500 million total) end up in claims with a further 100 million bill.
The target date for closing the clear theme is April 30, when Caja Duero Spain-have another owner, public or private. If the operation is frustrated, appear the fourth public bank, which would be bad news for the risk premium.
The buyer says Guindos decrees and agreed to change the situation MoU
Caja Duero Spain-has a negligible balance of 38,000 million, so that the problem is not minor. Medel is unwilling to sign the last paper wedding without protection, tired of seeing the state (ie taxpayers), recapitalize and lose money with other entities.
The veteran banker is not to be less than the Banco Sabadell, La Caixa and BBVA, who have stayed with several financial dead, but very important mattresses money. However, Box Spain already has 500 million of the state that can be taken for lost.
Unicaja absorption designed in two phases. In the first case Spain would remain isolated to deal with the problems, without polluting the array, and then incorporate the group. The mechanism is an entity designed Andalusian, and converted into bank makes an offer by the Bank CEISS, including preferentistas, which have been converted into shareholders. The operation could generate a gain on remeasurement of assets of about 350 million.
So far, Brussels has admitted that 604 million of capital that the bank needs to inject themselves as Castilian convertible bonds rather than stocks. Unicaja So the State will not share a nonnegotiable issue. It is unclear if the buyer will take care of this bill, another tricky issue because it is much money that is at stake.
A key question is whether Unicaja, with 36,000 million of assets may go solo
If Brussels and do not immunize Unicaja FROB may break the current agreement and the state should take over a new zombie bank, with 901 offices between Spain and Portugal and with a workforce of over 4,704 employees. After the storm would start the auction process, with an uncertain end, as just seen with CatalunyaBanc.
There seems to be an easy way out. The European Commission wants to end soon with "the problem Caja Spain", tired of comings and goings of many reports, and believes that asks Medel exceptions to the rule. Some suspect that he is bluffing and Unicaja could not throw away two years of work and many millions spent on consultants. But the path of the president of Unicaja recommended eggshells. Medel has been tenacious in their positions and left planted the Bank of Spain on two occasions for not meeting its conditions: rejected the acquisition of Caja Castilla La Mancha and CajaSur subsequently.
Another issue is the future that may have Unicaja alone, in an industry where actors are increasingly approaching giants and 100,000 million balance. The bank, with assets of 36,000 million, appeals to its solvency, one of the highest with a capital ratio of Core Tier 1 ratio of 11%. To reach this position has provisioned 1,204 million in 2012 and lost 577 million. Soon we will know if Medel is firm or pulse trembles before the third challenge.
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