The Valencia based Bancaja is alleged to be placing pressure on the Alicante based CAM bank to merge.This is a move to try and survive the economic crisis and cut costs.
The alicante officials are resisting the move as is the Provincial Chamber of Commerce and Employment Federation.They are concerned that the merger would result in a shift to Valencia ,away from alicante.This could result in job lossesand once again it might see major businesses move away from Alicante.
Town Hall officials are concerned that Alicante will attract less and less regional investment.This news comes hot on the heels of the Caja Asturias took over the Caja de Castilla la Mancha.The latter had run into trouble because of loans to property developers and had to be taken over by the Banco de Espana.
