UPDATE 2-Banks sign shareholder pact on Colonial

(Adds details on shareholder pact between banks)

MADRID, April 28 (Reuters) - Six banks which are shareholders in Spanish property firm Colonial (COL.MC: Quote, Profile, Research) said on Monday they had signed a pact which would allow the firm to "recover its financial stability in the long term."

The Spanish banks La Caixa, Popular (POP.MC: Quote, Profile, Research), Banco Pastor (PAS.MC: Quote, Profile, Research), Bancaja, Caixanova and Caja Duero, which have signed the pact together, control 20.5 percent of Colonial and have 21.44 percent of voting rights after discounting treasury stock, they said in a statement to the stock exchange regulator.

On Friday, Colonial's former chairman, Luis Portillo, said he had transferred shares equivalent to 24.58 percent of Colonial to a number of banks, leaving him with about 5 percent.

The six banks said they would remain in Colonial for at least a year and would not increase their stake above 30 percent, the threshold that would oblige them to launch a takeover.

"It is the intention of the shareholders to form a stable core, committed to the management of the company and aimed at giving it stability and allowing its financial recovery in the long term," said the banks in a statement.

On Monday, Colonial shares closed up 13.6 percent to 1 euro as the market considered the entry of banks into the company would give it stability.

The stock traded at 4.23 euros a year ago, but late last year fell victim to fears surrounding Spain's slowing property market and exacerbated by Portillo and other shareholders having to unwind derivative positions.

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