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TheStreet.com TV Recap: Spain Could Set Sights On U.S. Banks

Cramer sees Spain joining Canada in a bid to buy up some U.S. banks.

Now that Canada has infiltrated the U.S. and has started acquiring banks, Spain is not far behind on the same path, Jim Cramer said on TheStreet.com TV's "Wall St. Confidential" Web video Wednesday. TD Bank's (TD) - Get Report purchase of Commerce Bancorp (CBH) - Get Report may well be followed by acquisitions of National City (NCC) , Huntington Bancshares (HBAN) - Get Report and Comerica (CMA) - Get Report, he said.

"Spain has historically been an acquirer when they feel their currency is strong or when their market is strong," Cramer said. "We have both going right now. I hear that they are kicking the tires

of various Southern banks."

Southern banks like

Synovus Financial

(SNV) - Get Report

, which is overvalued, and

Whitney

(WTNY)

, which is poorly run, would nevertheless make sense here, he said.

"What I would emphasize to you is that if you can find these banks, and they're all compressed in value because of the yield curve, you may win because of a major turn or because of a Spanish bank," Cramer said.

First Horizon

(FNH)

TheStreet Recommends

, a "real problematic" bank with big mortgage exposure, or

Capital One

(COF) - Get Report

could also be acquired by either a Canadian or Spanish bank, he added.

"This is where all the action is," Cramer said. "These are inexpensive stocks. I am recommending them."

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