Two more regional banking institutions from Spain had decided to merge as the pace of consolidation in the segment gathers pace because of the recession period, which disturbed the whole market.

The two regional Spanish saving banks Unicaja and Cajasur are based in the southwestern area of Andalusia. Both the banks entered into the deal on Monday.

Unicaja and another savings bank Caja de Jaen, decided in Aug to unite and by joining force the 3 banking institutions will result in a powerful regional financial institution.