Savings bank aims at foreign clients

2 August 2004

MADRID – With more than 350,000 people from the European Community now resident in Spain, one of the country’s leading savings banks has set its sights on building up business with them, especially in the mortgage sector.

While perhaps less well known than the regional banks on the coast, the Caja Madrid is already a major player in the domestic market, noticeably in its home region around the capital.

Now it has announced it is looking to expand its foreign client base, particularly along the Mediterranean and in both the Balearic and Canary Islands.

Caja Madrid said that 27 of its branches are being geared up to offer improved services to foreigners, with specialist management teams that include both German and English speakers.

According to a statement issued by Caja Madrid, 25 percent of EU citizens resident in Spain are British and 18 percent German. In all more than 1.5 million homes are owned by foreigners.

[Copyright EFE with Expatica]

Subject: Spanish news