A dozen investment funds are interested in investing in Spain’s troubled regional savings banks, which have until September to raise capital or face state intervention, a newspaper reported yesterday.

Among the funds considering taking part in the recapitalisation of the unlisted savings banks known as cajas are Carval, Varde, Fortress, Cerberus, Apollo, Lone Star and Patron, business daily Expansion said citing sources close to the funds.

But to invest “they will demand entering into the board if they buy a stake in these banks or the sale of assets at a low price,” it reported.

Those concerns have already pushed up the rates the state must pay to borrow from the debt market.

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