Sabadell sees credit crunch lasting for another year

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Chairman says global crunch unleash by US subprime crisis may pare down the Spanish bank’s planned growth

28 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]

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