MADRID, Sept 29 (Reuters) - A further consolidation process in the Spanish banking sector is a way to cope with the effects from ultra low interest rates, Caixabank’s Chief Executive Officer, Gonzalo Gortazar, said on Wednesday. “Personally I think there will be more (mergers), I don’t know when or who (will participate) and I don’t think it will be tomorrow,” Gortazar told a financial event. He said it seemed reasonable to assume further domestic consolidation but added that in the rest of Europe it would be more complicated to generate cost savings. (Reporting by Jesús Aguado; editing by Emma Pinedo) Our Standards: The Thomson Reuters Trust Principles.