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CAM Integration agree to the SIP for the constitution of.

Alicante, July 26 .- The Board of Directors of Caja Mediterraneo (CAM) has agreed to approve the integration contract for the constitution of a "cold fusion" (Institutional Protection System, SIP) with Caja Cantabria, Caja de Ahorros de Asturias and Caja Extremadura.

The entity's governing body gave the green light from Alicante to that contract, after incorporation to the same "for, aika gold, clarification of evidence show that the bank will be run in accordance with good governance practices," reported from CAM.

"The good work and the flexibility of participating banks have enabled an agreement an entity's own modern, strong, solvent and well positioned to compete in the current financial environment, and that this call to lead the industry," have been added.

Moreover, sources close to, GW2 gold, the body have reported that the initial text of formalization of the SIP have been incorporated "clarifications" regarding the delegation of power of the future CEO, a position he could lie with the president of the entity Asturian Manuel Menendez.

However, it has not yet leaked to the media that consist of these "clarifications" or terms that have, tera gold, occurred.

In this regard, the President of the Alicante Chamber of Commerce and member of the Board of Directors of CAM, Jose Enrique Garrigos, said that "they changed the points of the first protocol that no agreement nor the interests of Alicante or the financial history of this province. "

In his view, the fundamental point of agreement rrs to the power of the Board of Directors decision on the future bank will be, "as it can not be otherwise, beyond the capacity of the first executive decision."

The contract, according Garrigos, preserves the ability of decision of the province of Alicante, "so this will not lose power in the future entity."

"It's very important that you were able to rectify the situation, without winners or losers," he added.

Sources of CAM, which have not signed up did not specify these aspects, have argued that CAM has reached this agreement after considering the advantages that the constitution of a group of savings banks' greatest strength and projection "of Spain will give to customers , employees and society in general.

The proposal to address the SIP along with three other financial institutions was built a few days in the agenda of the Management Council's regular meeting today in which they have tried other economic issues.

CAM community last July 15 to accept that integration contract in a SIP "except in regard to the delegation of powers to the CEO."

According to the protocol approved by the Bank of Spain on 29 June, the president of Cajastur have somewhere this position for a period of six years, automatically renewable for another six if there is no agreement among the members of the board of directors.

In addition, the CEO would have the powers to appoint two directors-general and the tasks which have to develop, a power that many of the directors of the entity Alicante, chaired Modesto Crespo, rejected at the meeting of the past 15 July.

One day later, theBanco de Espana Alicante urge the entity Cajastur and resolve differences in its terms, including with respect to the delegation of powers to the CEO.

The integration of the four entities will lead to the creation of the third group of cases and the fifth largest financial group in the country, with a volume of assets in excess of 135,000 million euros and a turnover of around 160,000 million euros.

Each box will maintain its legal personality, its retail business regionally, as well as its organs of government and independent social work, pooling risk policies, treasury, credit rating, internal control and regulatory requirements, with the sharing of One hundred percent of the benefits and their own resources.

In the coming months, the four boxes will give members the necessary steps to realize the integration process.

The management of the Fund has declared itself "very satisfied" with the culmination of this process, which allows the entity Alicante part of one of the SIP "most powerful Spanish financial market."

"In the entity we are very pleased with the agreement reached, which makes us the third group of cases in this country," reiterated Crespo. -Cantabria

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