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The savings banks in Europe were entities that were established in order to capture savings. This set them apart from the credit cooperatives and other mutual banks which aimed to provide better access to credit for their associates. 3 The savings banks, because they were non-profit entities, financed their capital via donations and adopted this institutional set up precisely in order to protect their ‘commercial’ clients, that is, their depositors. This occurred simply because the donations only took place at the outset of the savings banks’ activity. Subsequently they became ‘commercial non- profit’ institutions. As Henry Hansmann indicates, ‘the savings bank industry. | 1 Governance in Spanish Savings Banks. A Historical Perspective J. Carles Maixé-Altés University of La Coruna. Spain Abstract. Abstract. During the previous three decades mutual financial firms have been experiencing a process of demutualization and some of the non-for-profit banks have become publicly listed companies. Hence the persistence of the Spanish Savings Banks constitutes an interesting case study. In line with recent literature this paper attempts to reach a better understanding of the factors that have contributed to the persistence of these entities in the long run and to the maintenance of a very specific model of corporate governance. Regulatory influences politics and political institutions have proved to be key elements of a model which has proved capable of delivering successful outcomes in increasingly competitive conditions. Nonetheless the financial crisis would seem to have exacerbated the stresses and strains within this model and in combination with the pressure of increasingly globalized markets the Spanish Savings Banks find themselves in a new scenario. Keywords corporate governance stakeholder regime savings banks JEL Codes G34 N24 N84 1. Introduction In the 1980s and 1990s there was an intense process of financial deregulation. On the one hand there was the demutualization of the building societies life insurers and general insurers. On the other some of the non-for-profit banks became PLC s. These institutions included the trustee savings banks in Great Britain and the casse di risparmio in Italy while in France the caisses d epargne merged to form a single cooperative group. These transformations had a strong impact on the structure of the market on the competitiveness of the financial industry and on the behaviour and performance of financial firms in general. In the cases cited above the intense regulatory change affected the type of property and the corporate governance of these organizations. This phenomenon was global in nature .
