Spain's second-largest savings bank Caja Madrid is seeking up to 3 billion euros ($3.7 billion) from a government rescue fund set up to promote mergers among the country's network of unlisted regional banks, El Pais reported on Tuesday citing financial sources.
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No-one at Caja Madrid was immediately available for comment.
The bank, in talks with five regional savings banks — Caja Avila, Caja Insular de Canarias, Caixa Laietana, Caja Segoviaand Caja Rioja, plans to repay the money in less than two years, the report said.
The government has set a June 30 deadline to tap money from the 99 billion euro Fund for Orderly Bank Restructuring (FROB).
It wants the sector to merge after credit quality declined sharply due to heavy exposure to the country's property boom and bust. read more
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