CaixaBank

{{Use dmy dates|date=October 2024}}{{Infobox company

| name = CaixaBank, S.A.

| image = Barcelona 6 2013.jpg

| image_caption = Headquarters in Barcelona

| logo = CaixaBank logo.svg

| logo_size = 250px

| type = Sociedad Anónima

| traded_as = {{BMAD|ES0140609019|CABK}}

| ISIN = {{ISIN|sl=n|pl=y|ES0140609019}}

| industry = Financial services

| foundation = {{Start date and age|2011|1}} in Barcelona, Spain

| location = Valencia, Spain (registered office)
Madrid, Spain (operative office)
Barcelona, Spain (operative office)

| key_people = José Ignacio Goirigolzarri (Chairman), Gonzalo Gortazar (CEO)

| products = Universal banking, insurance, investment holdings

[https://www.cnmv.es/AUDITA/2018/17824.pdf CaixaBank, Informe Financiero Anual 2018]

| net_income = 2.781 (January – March 2024)

| assets = 613.457 (January – March 2024)

| num_employees = 45.005 (January – March 2024)

| owner = Criteria Caixa (32,2 %)
Spanish government (17,3 %)
Free float (50,3 %)

| homepage = [http://www.caixabank.com/index_en.html www.caixabank.com]

}}

CaixaBank, S.A. ({{IPA|ca|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.[https://web.archive.org/web/20130113122928/http://www.businessweek.com/news/2013-01-09/spain-s-shrinking-bank-network-leaves-caixabank-top-heavy#p1 Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy], www.Businessweek.com, 21 October 2013 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.{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}

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.{{cite news|title=A new conquistador|url=https://www.economist.com/finance/displaystory.cfm?story_id=9953349|newspaper=The Economist|date=11 October 2007|access-date=2008-12-31}} The company was promoted to the IBEX 35 index in January 2008.{{cite web

|date=29 January 2008

|access-date=2008-01-29

|title=Notice from the Technical Advisory Committee of the IBEX Indices concerning Aguas de Barcelona, S.A. and Altadis, S.A.

|url=http://www.sbolsas.com/ing/ficheros/documentos/comiteasesor/AC02-08en.pdf

|publisher=Sociedad de Bolsas

|url-status=dead

|archive-url=https://web.archive.org/web/20110716012304/http://www.sbolsas.com/ing/ficheros/documentos/comiteasesor/AC02-08en.pdf

|archive-date=16 July 2011

}}

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.{{cite news|last=Mallet|first=Victor|title=Caixabank to float as part of wider revamp|url=http://www.ft.com/cms/s/0/328157a8-7ccf-11e0-994d-00144feabdc0.html#axzz1bWNeoUAK|access-date=22 October 2011|newspaper=Financial Times|date=12 May 2011}} 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.{{cite news|last=Nicholson|first=Chris V.|title=La Caixa Moves to Take Banking Arm Public|url=https://dealbook.nytimes.com/2011/05/13/la-caixa-moves-to-take-banking-arm-public/|access-date=22 October 2011|newspaper=The New York Times|date=13 May 2011}} 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.{{cite news | url=https://www.bbc.co.uk/news/business-17521076 | title=CaixaBank becomes Spain's biggest bank by assets | publisher=BBC | date=2012-03-27}}{{cite web | url=http://press.lacaixa.es/caixabank/press-releases/caixabank-today-approves-an-agreement-of-intent-to-merge-with-banca-civica-to-create-spain-s-leading-financial-group__1775-c-15833__.html | title=CaixaBank today approves an agreement of intent to merge with Banca Cívica, to create Spain's leading financial group | publisher=Caixabank | date=2012-03-26 | access-date=2012-03-27 | archive-date=2016-11-11 | archive-url=https://web.archive.org/web/20161111054902/http://press.lacaixa.es/caixabank/press-releases/caixabank-today-approves-an-agreement-of-intent-to-merge-with-banca-civica-to-create-spain-s-leading-financial-group__1775-c-15833__.html/ | url-status=dead }}

On 27 November 2012, CaixaBank announced its plan to buy nationalized bank Banco de Valencia after Spain's bank restructuring fund FROB injected €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.{{cite web |url=https://www.reuters.com/article/lacaixa-bancodevalencia-idUSE8E8IR00K20121127 |title=Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB |author= |date=2012-11-27 |publisher=Reuters |access-date=21 October 2013 |archive-date=2013-10-22 |archive-url=https://web.archive.org/web/20131022051241/http://www.reuters.com/article/2012/11/27/lacaixa-bancodevalencia-idUSE8E8IR00K20121127 |url-status=live }}

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.{{cite web |url=https://www.reuters.com/article/caixabank-idUSL5N0HM3SH20130926 |title=Spain's Caixabank approves real estate unit sale to TPG |author= |date=2013-09-26 |publisher=Reuters |access-date=21 October 2013 |archive-date=2013-10-22 |archive-url=https://web.archive.org/web/20131022051239/http://www.reuters.com/article/2013/09/26/caixabank-idUSL5N0HM3SH20130926 |url-status=live }}

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.{{cite web |url=http://press.lacaixa.es/caixabank/press-releases/gonzalo-gortazar-new-ceo-of-caixabank__1775-c-20376__.html |title=Gonzalo Gortázar, new CEO of CaixaBank |date=2014-06-30|publisher=CaixaBank |access-date=11 August 2014}} 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."{{cite web |url=http://www.thebanker.com/World/Western-Europe/Spain/CaixaBank-s-simple-steps-to-success |title=CaixaBank's simple steps to success |date=2014-08-01 |publisher=The Banker |access-date=11 August 2014}}

On 6 October 2017, the bank announced its decision to move its legal headquarters to Valencia as a response to political uncertainty in Catalonia.{{Cite news|url=https://www.theguardian.com/world/2017/oct/06/catalonia-business-independence-spanish-government|title=CaixaBank: Spain's third largest bank joins exodus from Catalonia|last=Burgen|first=Stephen|date=2017-10-06|work=The Guardian|access-date=2017-10-06|language=en-GB|issn=0261-3077}} A few days later the bank decided to also move its fiscal domicile to Valencia.{{Cite news|url=http://www.abc.es/economia/abci-caixabank-y-sabadell-tambien-trasladan-sede-fiscal-comunidad-valenciana-201710101749_noticia.html|date=10 October 2017|work=ABC|access-date=2017-10-10|title=CaixaBank y Sabadell también trasladan su sede fiscal a la Comunidad Valenciana }}

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.{{cite news|url=https://www.ft.com/content/cfbabf43-9290-4cfd-a36b-839f65de65d6|title= Spanish lenders Bankia and CaixaBank in €17bn merger talks|work=Financial Times|author1=Peter Wise|author2=Nicholas Megaw|date=4 September 2020|access-date=4 September 2020}} The acquisition of Bankia by CaixaBank was finalised in spring 2021 and created the third-largest Spanish banking group.{{cite news|url=https://www.marketscreener.com/quote/stock/BANKIA-35712971/news/CaixaBank-S-A-completed-the-acquisition-of-Bankia-S-A-from-BFA-Tenedora-de-Acciones-S-A-U-and-o-33463344/ |title= CaixaBank, S.A. completed the acquisition of Bankia, S.A. from BFA Tenedora de Acciones S.A.U. and others| date=25 March 2021|access-date=17 October 2024}}

= 2008–2013 Spanish financial crisis =

File:Edificio La Caixa (C. Miguel Ángel, Madrid) 02.jpg]]

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.{{cite web |url=https://www.reuters.com/article/lacaixa-bancodevalencia-idUSE8E8IR00K20121127 |title=Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB |author= |date=2012-11-27 |publisher=Reuters |access-date=21 October 2013 |archive-date=2013-10-22 |archive-url=https://web.archive.org/web/20131022051241/http://www.reuters.com/article/2012/11/27/lacaixa-bancodevalencia-idUSE8E8IR00K20121127 |url-status=live }}

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.{{cite web |url=http://www.businessweek.com/news/2013-01-09/spain-s-shrinking-bank-network-leaves-caixabank-top-heavy#p1 |archive-url=https://web.archive.org/web/20130113122928/http://www.businessweek.com/news/2013-01-09/spain-s-shrinking-bank-network-leaves-caixabank-top-heavy#p1 |url-status=dead |archive-date=January 13, 2013 |title=Spain's Shrinking Bank Network Leaves CaixaBank Top-Heavy |last1=Penly |first1=Charles |date=2013-01-10 |publisher=BusinessWeek |access-date=21 October 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.{{cite web |url=http://www.businessweek.com/news/2013-06-25/caixabank-s-990-million-inbursa-share-sale-tests-mexico-market |archive-url=https://archive.today/20131022035611/http://www.businessweek.com/news/2013-06-25/caixabank-s-990-million-inbursa-share-sale-tests-mexico-market |url-status=dead |archive-date=October 22, 2013 |title=CaixaBank's $990 Million Inbursa Share Sale Tests Mexico Market |author= |date=2013-06-25 |publisher=BusinessWeek |access-date=21 October 2013}}

Shareholders

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%.{{Cite web |last=Agencias |date=2021-03-24 |title=El Gobierno aprueba la fusión de CaixaBank y Bankia |url=https://cincodias.elpais.com/cincodias/2021/03/24/companias/1616589853_720011.html |access-date=2023-09-24 |website=Cinco Días |language=es}}

As of February 2025,{{Cite web |last=Maqueda |first=Álvaro Bayón, Antonio |date=2025-02-14 |title=CaixaBank se dispone a cerrar la etapa de Bankia en una profunda remodelación del consejo de administración |url=https://cincodias.elpais.com/economia/2025-02-14/caixabank-se-dispone-a-cerrar-la-etapa-de-bankia-con-una-profunda-remodelacion-del-consejo-de-administracion.html |access-date=2025-02-15 |website=Cinco Días |language=es}}{{Cite web |last=lainformacion.com |date=2022-12-27 |title=Criteria y el Estado refuerzan su control accionarial en Caixabank hasta el 49,6% |url=https://www.lainformacion.com/mercados-y-bolsas/criteria-estado-refuerzan-control-accionarial-caixabank-49-6/2878890/ |access-date=2023-09-24 |website=La Información |language=es}} both the Government of Spain and the "la Caixa" Foundation increased their participation, remaining as follows:

Criteria Caixa: 31%
FROB: 18%
Public float: 50.3%
Stock and Board of Directors: 0.1%