CaixaBank

CaixaBank, S.A. (Catalan pronunciation: [ˌkaʃəˈbaŋ]), formerly Criteria CaixaCorp, is a Spanish financial services company owned by CriteriaCaixa with a 40% stake.[3] CaixaBank is based in Valencia and Barcelona in Spain. 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.[4] It is listed in the Bolsa de Madrid and is part of the IBEX 35.

CaixaBank, S.A.
Sociedad Anónima
Traded asBMAD: CABK
ISINES0140609019 
IndustryFinancial services
Founded2011 (2011) in Barcelona, Spain
HeadquartersValencia, Spain
Key people
Jordi Gual (Chairman), Gonzalo Gortazar (CEO)
ProductsUniversal banking, insurance, investment holdings
€ 1.985 millions (2018) [1]
Total assets€ 386.622 millions (2018)[2]
Number of employees
37.440 (2018)
ParentCriteria CaixaHolding
Websitewww.caixabank.com

The company consists of the universal banking and insurance activities of the La Caixa group, along with the group's stakes in the oil and gas firm Repsol, the telecommunications company Telefónica and its holdings in several other financial institutions.

History
CaixaBank Tower in Avinguda Diagonal, Barcelona.

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.[5] The company was promoted to the IBEX 35 index in January 2008.[6]

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.[7] 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.[8] 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 euro. The merger was completed in the 3rd quarter of the year and created the largest bank in Spain.[9][10]

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.[11]

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 euros in capital gains from the deal.[12]

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.[13] 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."[14]

On 6 October 2017, the bank announced its decision to move its legal headquarters to Valencia as a response to political uncertainty in Catalonia.[15] A few days later the bank decided to also move its fiscal domicile to Valencia.[16]

2008-2013 Spanish Financial Crisis

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.[17]

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.[18]

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.[19]

Investment portfolio (at 27 July 2019)
Company % of share capital
Banco BPI100%
SegurCaixa Adeslas49.92%
Comercia Global Payments49%
Coral Homes20%
Sareb12,24%
Erste Group9.92%
Telefónica5.019%
gollark: https://queue.acm.org/detail.cfm?id=3212479
gollark: AMD and Intel CPUs have for some time been JITing x86 into internal RISC microcode.
gollark: Wrong. The ISA is old, but the microarchitectures of high-performant x86 CPUs are absolutely not ancient. They internally do a ton of optimization tricks to pretend to execute code in order with flat undifferentiated memory as fast as possible, even though the CPU is executing things out of order and aggressively caching and prefetching.
gollark: However, you can just not use it and will probably save a lot of time and segfaults.
gollark: Performant because it contorted the design of all modern CPUs to fit its model, useful because all the low-level APIs use it.

See also

References
  1. CaixaBank, Informe Financiero Anual 2018
  2. CaixaBank, Informe Financiero Anual 2018
  3. CaixaBank Group, Integrated Corporate Report 2012 Archived 2019-05-16 at the Wayback Machine
  4. Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy, www.Businessweek.com, 21 October 2013
  5. "A new conquistador". The Economist. 11 October 2007. Retrieved 2008-12-31.
  6. "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 2008-01-29.
  7. Mallet, Victor (12 May 2011). "Caixabank to float as part of wider revamp". Financial Times. Retrieved 22 October 2011.
  8. Nicholson, Chris V. (13 May 2011). "La Caixa Moves to Take Banking Arm Public". The New York Times. Retrieved 22 October 2011.
  9. "CaixaBank becomes Spain's biggest bank by assets". BBC. 2012-03-27.
  10. "CaixaBank today approves an agreement of intent to merge with Banca Cívica, to create Spain's leading financial group". Caixabank. 2012-03-26.
  11. "Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB". Reuters. 2012-11-27. Retrieved 21 October 2013.
  12. "Spain's Caixabank approves real estate unit sale to TPG". Reuters. 2013-09-26. Retrieved 21 October 2013.
  13. "Gonzalo Gortázar, new CEO of CaixaBank". CaixaBank. 2014-06-30. Retrieved 11 August 2014.
  14. "CaixaBank's simple steps to success". The Banker. 2014-08-01. Retrieved 11 August 2014.
  15. Burgen, Stephen (2017-10-06). "CaixaBank: Spain's third largest bank joins exodus from Catalonia". The Guardian. ISSN 0261-3077. Retrieved 2017-10-06.
  16. ABC. 10 October 2017 http://www.abc.es/economia/abci-caixabank-y-sabadell-tambien-trasladan-sede-fiscal-comunidad-valenciana-201710101749_noticia.html. Retrieved 2017-10-10. Missing or empty |title= (help)
  17. "Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB". Reuters. 2012-11-27. Retrieved 21 October 2013.
  18. Penly, Charles (2013-01-10). "Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy". BusinessWeek. Retrieved 21 October 2013.
  19. "CaixaBank's $990 Million Inbursa Share Sale Tests Mexico Market". BusinessWeek. 2013-06-25. Retrieved 21 October 2013.
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