MADRID - J.P. Morgan & Co. and a group of other international investors will maintain their planned stakes in Banco Espanol de Credito-Banesto for five years or more, Banesto chairman Mario Conde said at the annual shareholders meeting.

He told the shareholders that Morgan's participation in Banesto's proposed $1 billion equity expansion is not a speculative one with the intention of disinvesting within months.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.