Three Spanish savings banks have rejected a plan to merge into the nation’s third- largest caja, forcing Caja de Ahorros del Mediterraneo to seek a state bailout.

Cajastur, Caja de Extremadura and Caja Cantabria voted against combining their businesses with CAM in a new entity known as Banco Base.

Caja de Ahorros del Mediterraneo said it would seek support from the state rescue fund. – (Bloomberg)