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BMN marches confidently towards the full integration of its four savings banks
17 Jun 2011
The BMN Group, composed of Caja Murcia, Caixa Penedés, Caja Granada and Sa Nostra, is marching confidently towards its full integration. In a course on finance that was held yesterday at the Menéndez Pelayo International University, the chairman of the Bank, Carlos Egea, declared that the board of directors of BMN would be reduced from seventeen to fifteen members, five of which will be independent, two more than at present.
In a course organised by the Economic Information Journalists Association, Mr Egea stated that 175 offices have already been closed of the 280 planned in the restructuring process that is currently being carried out and that the integration of its central services will be finished by the end of the year.
Regarding the write-down of real estate assets, Carlos Egea stated that these had already been reduced by 11% in just the first quarter of this year and that by next December 24% of the real estate risk will have been eliminated.
These factors are attracting even greater interest from major private investor groups that are interested in becoming shareholders in BMN. Specifically, Carlos Egea stated that discussions are being held with Spanish “family offices”, institutional investors, private equity investors and even with sovereign wealth funds.
The chairman of BMN also emphasised the professionalism and unity of the Bank’s board of directors, which is one of the most respected within the Spanish financial system. However, and in order for it to be even more appealing to new investors that will contribute to the capital of the institution, the board is being reduced from seventeen to fifteen members, including five independent members, two more than at present.
All of these integration, restructuring, write-down and improved governance processes are the preliminary steps to leaving the Bank in optimum conditions for its forthcoming flotation on the stock exchange, which is a clearly defined commitment proposed by BMN, as Carlos Egea confirmed yesterday.