Núñez Feijoo's resolve to maintain the character of Galician savings banks has resulted in the Bank of Spain taking over NovaCaixaGalicia. The Frob will constitute 90% of the lender after the conversion.
The deal has not been finalized yet, and the Bank of Spain has not introduced a clear plan, asking for an extension in order to find more partners for the deal. That said, it does not look like the most opportune time to win investors.
The Bank of Spain has effectively put an end to regional banks; visions of grandeur. At this point Feijoo should mourn the fact that he did not implement other plans that could have guaranteed the future viability of his savings banks.
