Cost Savings May Drive More Spanish Bank Mergers, Say Executives

Cost Savings May Drive More Spanish Bank Mergers, Say Executives
CaixaBank's logo is seen on top of the company's headquarters in Barcelona, Spain on Sept. 17, 2020. Albert Gea/Reuters
Reuters
Updated:

MADRID—Cost savings arising from domestic consolidation in the Spanish banking sector should be a driver for more potential deals, bank executives told a financial event in Madrid on Wednesday.

Facing ultra low interest rates and the impact of the COVID-19 pandemic, European banks are under growing pressure to cut costs, either on their own or through tie-ups.