CaixaBank

Caixabank S.A. is one of the leading banks in Spain. CaixaBank has been conducting financial activities for more than 100 years and is a member of La Caixa Group, a banking group headquartered in Barcelona.

As of August 2015, CaixaBank has the most extensive branch network in the Spanish market.

The company also includes the insurance division of La Caixa.

Activity indicators

At the end of 2014, the customer base is about 13.7 million customers. Network of 5,920 branches and branches. The volume of business operations as of November 27, 2014 is €514644 million.

History

Spanish Bank CaixaBank was founded in 2011.

2021: Dismissal of 7,000 employees

In mid-April 2021, the largest Spanish bank CaixaBank announced a reduction in 7,000 jobs after the takeover of a smaller competitor - Bankia SA. Representatives of Caixabank said that as a result of the merger, the bank will save 770 million euros per year. In many ways, this will happen due to the closure of half of the 6.3 thousand branches of the credit institution.

According to Bloomberg, the bank's management and employee representatives agreed on a meeting to form a negotiating committee on cuts. The next meeting will be held on April 20, the representative of the lender said, but refused to clarify the details of the situation.

CaixaBank dismisses 7,000 employees

Spanish lenders are seeking to cut costs as margins are under pressure from low interest rates and the economic downturn caused by the COVID-19 coronavirus pandemic. The Spanish government last week reduced its forecast for annual economic growth for 2021 to 6.5%.

The banking sector is one of the weak links of the European economy, and one of the reasons is the high level of spending. So far, the banking sector has slowly transformed, but the pandemic has made change inevitable and forced European banks to restructure their businesses. Therefore, now banks reduce staff one after another, close branches and transfer customer service online.

In 2020, the 5 largest banks in Spain closed 8% of branches and plan to close more. After the integration of Bankia in early 2021, more than 51,000 employees work in CaixaBank, of which at least 7 thousand, that is, almost 14%, will fall under reductions. According to El Pais, in April, a major competitor to the bank, Banco Bilbao Vizcaya Argentaria SA, will also begin negotiations with unions to reduce about 3,000 jobs^[1]

2015

Blackstone Bad Debt Package Sale Plan

In July 2015, it became known that the American investment company Blackstone Group intends to acquire a portfolio of "bad" loans from CaixaBank for 790 million euros, Bloomberg reports citing two sources familiar with the situation^[2].

According to sources, these loans were taken on recently built residential buildings, as well as land and designed buildings. Assets are mainly located in Andalusia, Madrid, Castile, La Mancha and Catalonia. The sale of the portfolio, known as Tourmalet, is expected to be completed at the end of the week.

Spanish banks are seeking to sell bad loans formed after the financial crisis hit the real estate sector, the agency explains. Creditors deprived property rights for overdue debts for more than 70 thousand houses in 2014, the agency quoted data from the National Institute of Statistics.

Acquisition of the Spanish branch of Barclays Bank SAU

On January 2, 2015, CaixaBank completed the acquisition of the Spanish branch of Barclays Bank SAU. The final price of the issue is 820 million euros (bidding between the Catalans and Barclays central office in London began with what the British requested for their financial structure in Spain 1.714 billion euros).

After the completion of the transaction, the clientele of the CaixaBank increased by 550,000 units, and another 262 offices were added to the bank's office network in Spain, the total staff of which is about 2,400 employees.

According to CaixaBank sources, Catalan financiers are going to carry out some restructuring of the acquired network, "in order to increase profitability." It is no secret that the number of employees will be adjusted and adjusted in the direction of reduction.

After the purchase of the Barclays branch, the financial empire led by Isidre Fainé, president of La Caixa, strengthens its leading position in Spain with 13.5 million customers and a network of 5.685 offices employing 31,517 people.

See also

• Banks of Spain

Notes