To say they were "privately owned" doesn't sound right. Cajas de ahorros had no shareholders so profits were not distributed to any "private owner". Leaders and executives of the Cajas were appointed by a mix of local councils, unions, autonomous regions, and other non-private organizations. Juridically, they were "private organizations", but factually, they were just a form of state-owned company, as it was the municipalities and regions that made the important governing decisions.