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One step at a time

17 Feb 2015 By Fiona Maharg-Bravo

The Spanish bank is bidding 1.1 bln euros for the remaining 56 pct of Portugal’s BPI. The price is decent, though synergies look ambitious. Caixa may not get to 100 pct but will exercise control. The obvious follow-up, buying Novo Banco, will be harder given the capital needed.

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