The Restructuring Of Spanish Savings Banks: A Profound Transformation Of The Spanish Banking Industry Feb 11

Standard & Poors, February 2011

Abstract
The restructuring of the savings banks that commenced in 2010 is, in Standard & Poor's Ratings Services' view, likely to result in one of the most profound changes in the history of Spanish banking. In our view the successful execution of the restructuring is key to the outlook of the whole industry, and faces numerous hurdles, particularly given the relatively weak profiles of many of the consolidating entities and the difficult business environment we envisage for 2011. (Watch related CreditMatters TV segment titled, "Why Spanish Banks Still Face Difficulties In 2011", dated March 16, 2011.) The savings bank sector is in the middle of a major consolidation process that, we understand, aims to prepare institutions to operate in a less...

Companies mentioned in this report are:
- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Santander Consumer Finance S.A.
- CaixaBank S.A.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Santander Consumer Finance S.A.
- CaixaBank S.A.

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