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CaixaBank

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CaixaBank, S.A.
Company typeSociedad Anónima
BMAD: CABK
ISINES0140609019
IndustryFinancial services
FoundedJanuary 2011; 13 years ago (2011-01) in Barcelona, Spain
HeadquartersValencia, Spain (registered office)
Madrid, Spain (operative office)
Barcelona, Spain (operative office)
Key people
José Ignacio Goirigolzarri (Chairman), Gonzalo Gortazar (CEO)
ProductsUniversal banking, insurance, investment holdings CaixaBank, Informe Financiero Anual 2018
2.781 (January – March 2024)
Total assets613.457 (January – March 2024)
OwnerCriteria Caixa (32,2 %)
Spanish government (17,3 %)
Free float (50,3 %)
Number of employees
45.005 (January – March 2024)
Websitewww.caixabank.com

CaixaBank, S.A. (Catalan pronunciation: [ˌkaʃəˈbaŋ]), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Barcelona and Madrid. It is Spain's third-largest lender by market value, after Banco Santander and BBVA. CaixaBank has 5,397 branches to serve its 15.8 million customers, and has the most extensive branch network in the Spanish market.[1] It is listed in the Bolsa de Madrid and is part of the IBEX 35.

The company consists of the universal banking and insurance activities of the La Caixa group, the telecommunications company Telefónica and its holdings in several other financial institutions.

CaixaBank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[2][3]

History

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The firm was formed in 2007 as Criteria CaixaCorp, a publicly traded vehicle for La Caixa's shareholdings and investments in both industrial and financial services companies. At the time of its 2007 debut, the Criteria CaixaCorp initial public offering was the largest-ever in Spain.[4] The company was promoted to the IBEX 35 index in January 2008.[5]

A 2011 restructuring of the companies of the group saw Criteria renamed CaixaBank as La Caixa's banking and insurance activities were merged into it.[6] At the same time most of the industrial stakes held by Criteria (including Grupo Port Aventura, Grupo Agbar, Gas Natural, and Abertis) were transferred out of the firm to the new entity Criteria CaixaHolding, 100% owned by La Caixa.[7] CaixaBank retained stakes in Repsol YPF and Telefónica as well as all of its holdings in other financial services companies.

On 26 March 2012 CaixaBank announced its intention to merge with Banca Cívica, valuing Civica at €977 million. The merger was completed in the 3rd quarter of the year and created the largest bank in Spain.[8][9]

On 27 November 2012, CaixaBank announced its plan to buy nationalized bank Banco de Valencia after Spain's bank restructuring fund called FROB injects €4.5 billion into Banco de Valencia. The FROB also assumed losses of up to 72.5% for a period of ten years in certain assets held by Banco de Valencia.[10]

On 26 September 2013, CaixaBank approved the sale of its real estate unit Servihabitat to a joint venture between the bank and private equity fund Texas Pacific Group (TPG) for an initial price of €310 million. CaixaBank's parent company, financial group La Caixa, said it estimated it would bring in €317 million in capital gains from the deal.[11]

In June 2014 CaixaBank's Board of Directors appointed Gonzalo Gortázar as their new CEO, having approved the resignation by mutual consent of Juan María Nin as Deputy Chairman and CEO.[12] In his first interview since becoming CEO, Gonzalo Gortázar stated "There are a number of priorities for CaixaBank. The first one is dealing with the last legs of the crisis. We want to normalize the balance sheet and we want to normalize funding costs."[13]

On 6 October 2017, the bank announced its decision to move its legal headquarters to Valencia as a response to political uncertainty in Catalonia.[14] A few days later the bank decided to also move its fiscal domicile to Valencia.[15]

On 4 September 2020, it was confirmed that CaixaBank and Bankia are negotiating for a potential merger. The merger would create the biggest domestic bank in Spain with assets under management of €650 billion.[16] The acquisition of Bankia by CaixaBank was finalised in Spring 2021 and created the third largest Spanish banking group [17]

2008–2013 Spanish financial crisis

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Former Madrid headquarters on Paseo de la Castellana

The Fund for Orderly Bank Restructuring (FROB), a banking bailout and reconstruction program initiated by the Spanish government in June 2009, facilitated the merger between CaixaBank and Banco de Valencia on 27 November 2012.[18]

With competitors such as Banco Santander SA with 4,752 Spanish branches, CaixaBank announced it is conducting a "gradual process" of adjusting its branch networks on 9 January 2013.[19]

CaixaBank SA sold 13.1 billion pesos of shares in Grupo Financiero Inbursa SAB to both bolster trading in the Mexican lender controlled by billionaire Carlos Slim and replenish money lost amid Spain's property crash.[20]

Shareholders

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Following the merger of state-owned Bankia and private CaixaBank, Criteria Caixa (and, therefore, the "la Caixa" Foundation) held 30.012% of the bank. On the other hand, the Government of Spain, through the FROB and its company BFA Tenedora de Acciones, became a major shareholder of the company with 16.117%.[21]

As of 30 June 2023, after a reduction of capital,[22] both the Government of Spain and the "la Caixa" Foundation increased their participation, remaining as follows:

  • "la Caixa" Foundation: 32.2%
  • FROB: 17.3%
  • Public float: 50.3%
  • Stock and Board of Directors: 0.1%

Investment portfolio (at 27 July 2019)

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Company % of share capital
Banco BPI 100%
SegurCaixa Adeslas 49.92%
Comercia Global Payments 49%
Coral Homes 20%
Sareb 12,24%
Erste Group 9.92%
Telefónica 5.019%

See also

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References

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  1. ^ Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy, www.Businessweek.com, 21 October 2013
  2. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  3. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  4. ^ "A new conquistador". The Economist. 11 October 2007. Retrieved 31 December 2008.
  5. ^ "Notice from the Technical Advisory Committee of the IBEX Indices concerning Aguas de Barcelona, S.A. and Altadis, S.A." (PDF). Sociedad de Bolsas. 29 January 2008. Archived from the original (PDF) on 16 July 2011. Retrieved 29 January 2008.
  6. ^ Mallet, Victor (12 May 2011). "Caixabank to float as part of wider revamp". Financial Times. Retrieved 22 October 2011.
  7. ^ Nicholson, Chris V. (13 May 2011). "La Caixa Moves to Take Banking Arm Public". The New York Times. Retrieved 22 October 2011.
  8. ^ "CaixaBank becomes Spain's biggest bank by assets". BBC. 27 March 2012.
  9. ^ "CaixaBank today approves an agreement of intent to merge with Banca Cívica, to create Spain's leading financial group". Caixabank. 26 March 2012. Archived from the original on 11 November 2016. Retrieved 27 March 2012.
  10. ^ "Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB". Reuters. 27 November 2012. Archived from the original on 22 October 2013. Retrieved 21 October 2013.
  11. ^ "Spain's Caixabank approves real estate unit sale to TPG". Reuters. 26 September 2013. Archived from the original on 22 October 2013. Retrieved 21 October 2013.
  12. ^ "Gonzalo Gortázar, new CEO of CaixaBank". CaixaBank. 30 June 2014. Retrieved 11 August 2014.
  13. ^ "CaixaBank's simple steps to success". The Banker. 1 August 2014. Retrieved 11 August 2014.
  14. ^ Burgen, Stephen (6 October 2017). "CaixaBank: Spain's third largest bank joins exodus from Catalonia". The Guardian. ISSN 0261-3077. Retrieved 6 October 2017.
  15. ^ "CaixaBank y Sabadell también trasladan su sede fiscal a la Comunidad Valenciana". ABC. 10 October 2017. Retrieved 10 October 2017.
  16. ^ Peter Wise; Nicholas Megaw (4 September 2020). "Spanish lenders Bankia and CaixaBank in €17bn merger talks". Financial Times. Retrieved 4 September 2020.
  17. ^ "CaixaBank, S.A. completed the acquisition of Bankia, S.A. from BFA Tenedora de Acciones S.A.U. and others". 25 March 2021. Retrieved 17 October 2024.
  18. ^ "Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB". Reuters. 27 November 2012. Archived from the original on 22 October 2013. Retrieved 21 October 2013.
  19. ^ Penly, Charles (10 January 2013). "Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy". BusinessWeek. Archived from the original on 13 January 2013. Retrieved 21 October 2013.
  20. ^ "CaixaBank's $990 Million Inbursa Share Sale Tests Mexico Market". BusinessWeek. 25 June 2013. Archived from the original on 22 October 2013. Retrieved 21 October 2013.
  21. ^ Agencias (24 March 2021). "El Gobierno aprueba la fusión de CaixaBank y Bankia". Cinco Días (in Spanish). Retrieved 24 September 2023.
  22. ^ lainformacion.com (27 December 2022). "Criteria y el Estado refuerzan su control accionarial en Caixabank hasta el 49,6%". La Información (in Spanish). Retrieved 24 September 2023.
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