Banks feel effects of cajas' success

摘要

It used to be said that Spain's savings banks, known as cajas de ahorros, posed a threat to the dominant position held by the big commercial banks. That threat is now a reality, at least in the domestic market. As of this year, the country's 46 cajas now account for 54% of the mortgage market, the banking industry's key driver of growth, and 56% of total customer deposits.