Type Sociedad Anónima Industry Financial services Headquarters Barcelona, Spain Total assets 409.8 billion USD (2015) | Traded as BMAD: CABK Profit €503 million (12M'13) Founded June 2011 Parent organization La Caixa | |
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Key people Jordi Gual (Chairman), Gonzalo Cortazar (CEO) Products Universal banking, insurance, investment holdings Stock price CABK (BME) € 3.47 0.00 (0.00%)3 Mar, 5:35 PM GMT+1 - Disclaimer CEO Gonzalo Gortázar Rotaeche (30 Jun 2014–) Subsidiaries Cajasol Participaciones Preferentes S.A.U. Profiles | ||
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CaixaBank, S.A. ([ˌkaʃəˈbaŋ]), formerly Criteria CaixaCorp, is a Spanish financial services company owned by the Catalan savings bank La Caixa with a 72.76% stake. Headquartered in Barcelona, 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 YPF, the telecommunications company Telefónica and its holdings in several other financial institutions. It is Spain's third-largest lender by market value and with 6,631 branches to serve its 13.2 million customers, CaixaBank has the most extensive branch network in the Spanish market.
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History
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. The company was promoted to the IBEX 35 index in January 2008.
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. 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. 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 is intended to be completed in the 3rd quarter of the year and will create the largest bank in Spain.
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.
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, financial group La Caixa, said it estimated it would bring in 317 million euros in capital gains from the deal.
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. 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."
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.
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.
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.
Holdings
Significant declared shareholdings as of March 2012 were: