NEW YORK ( TheStreet) -- Banco Financiero y de Ahorros is the latest Spanish bank to announce plans for an initial public offering in order to raise private capital, according to Reuters.

Formerly Caja Madrid, Banco Financiero y de Ahorros recently merged with seven Spanish banks so the combined entity could meet government capital requirements.

The offering comes as the government announced plans that banks must raise more private capital. The Spanish government said that savings banks must meet regulatory requirements by September or be partially nationalized.

Last week, the country's largest savings bank, La Caixa, announced plans to list as well. The bank announced plans to transfer its $13 billion retail banking business into its investment arm Criteria ( CRI), which is already listed. The listed entity will be renamed CaixaBank.

--Written by Maria Woehr in New York.

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