Sabadell sees credit crunch lasting for another year
Chairman says global crunch unleash by US subprime crisis may pare down the Spanish bank’s planned growth28 March 2008
MADRID - Josep Oliu, the chairman of medium-sized Spanish bank Banco Sabadell, said Thursday the global credit crunch unleashed by the US subprime crisis, could last for at least another year.
After seven months with a liquidity crisis, nobody doubts now that the crisis will last at least another year," Oliu told a news conference ahead of Sabadell's annual shareholders meeting today.
Oliu said Sabadell may pare down planned growth in lending and open fewer new branches than initially planned.
[Copyright El Pais/ Adrián Soto 2008]