Caja Madrid Buys Up SuCasita

The board of Spanish bank Caja Madrid has approved the purchase the 60% of Mexican mortgage lender SuCasita that it did not already own for $342m, according to Spanish and Mexican press reports. The shop has placed MXP2.5bn in RMBS and construction bridge loans in the Mexican local DCM market this year. The acquisition is a part of Caja Madrid’s international strategy, which also includes the purchase of 83% of Florida-based City National Bank in April for $1.12bn.