Caja de Ahorros del Mediterráneo

Caja de Ahorros del Mediterráneo
Caja Mediterráneo
Savings bank
Industry Financial services
Fate Acquired by Banco Sabadell, S.A.
Successor SabadellCAM
Founded Alicante, Spain (March 23, 1992 (1992-03-23))
Defunct December 2011 (2011-12)
Headquarters Alicante, Spain
Number of locations
 1,157 branches
Key people
 Vicente Sala Belló, Chairman
Services
€3,703,344,000 (2007)[1]
Owner Banco Sabadell, S.A.
Number of employees
 7,171 (2007)[1]
Website www.cam.es
The CAM building in Alicante.

Caja de Ahorros del Mediterráneo (CAM; Mediterranean Savings Bank) was a Spanish savings bank in Alicante, Valencia.

The savings bank failed with the burst of the property bubble on Spain's Mediterranean coast. In the first nine months of 2011 it had lost €1.7bn and the bad loans ratio has reached 20.8 per cent.[2] In December 2011, it was sold to Banco Sabadell for one euro.[2]

History

CAM was the result of integration at different stages of 29 financial institutions, the oldest of which traces its origins to 1875.[1] As of December 31, 2007, CAM was the fourth largest Spanish savings bank in terms of customer loans and deposits,[3] and the 3rd largest in the market share and the number of offices.

Originating in the provinces of Alicante and Murcia, the bank provided services across Spain through a network of over 1,100 offices and 7,100 employees serving 3,300,000 customers.[1] CAM activities were mainly focused on retail banking for individuals and SMEs. The bank also provided such financial services as insurance and asset management.

Like other Spanish savings banks, Caja Mediterráneo was a non-profit social institution.[4] According to CAM, more than 5,100,000 people have benefited from its social commitment activities with a budget of 60.1 million euros for 2007.[5]

In 2008, Caja Mediterráneo issued non-voting public shares traded on Madrid Stock Exchange. CAM was the first Spanish savings bank to issue public shares. In the initial public offering (IPO), CAM raised €292 millions, which turned out to be the largest IPO of 2008 on Madrid Stock Exchange.[6][7][8]

History

Caja de Ahorros del Mediterráneo adopted its current name in 1988, and has been using the trademark Caja Mediterráneo since 2007. It was previously known as Caja de Ahorros de Alicante y Murcia. The bank absorbed

In turn, the Caja de Ahorros de Alicante y Murcia was formed in 1975 through the merger of the following savings banks:

One year later, in 1976, the Caja de Ahorros de Alicante y Murcia absorbed the Caja de Ahorros de Alhama de Murcia, which had been founded in 1902.[4]

Further, the Caja de Ahorros Provincial de Alicante y Valencia was created in 1990 by merging

In the 1990s, CAM acquired the subsidiaries in Spain of the Italian bank Intesa Sanpaolo and the English Abbey National Bank.

See also

References

  1. 1 2 3 4 Corporate Social Responsibility Report, 2007
  2. 1 2 Sabadell takes gamble on stricken CAM by Miles Johnson, Financial Times, Dec 7, 2011
  3. ↑ Information memorandum dated 17 April 2008 page 21
  4. 1 2 3 4 5 Articles of Association. Caja Mediterráneo
  5. ↑ Obras Sociales. Memoria Anual, 2007
  6. ↑ La Caja de Ahorros del Mediterráneo se estrena en Bolsa a 5,85 euros Europa Press, Madrid, 23 July 2008
  7. ↑ Caja Mediterráneo cierra ejercicio 2008 con beneficio neto de 390,4 millones de euros, 1,2% más que año anterior Yahoo! Finance. February 4, 2009
  8. ↑ IPO Drought Continues The Wall Street Journal. October 27, 2008

External links

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