Caixabank CEO says bank taxes are brake on further consolidation of European banking sector

Link Securities| At a round table organised by the Bank of Spain (BdE) to celebrate ten years of the Single Supervisory Mechanism, the CEO of Caixabank (CABK), Gonzalo Gortázar, told the main financial supervisors that taxes on banking are a brake that does not help further consolidation of the European banking sector, as reported on Wednesday by Expansión.

“In the last eleven years, the bank’s return on capital has been 4.8%. In recent years, this has improved and in 2023 we will reach 13%, still clearly below satisfactory profitability,” argued the Caixabank executive, who complained that in this context there are those who send the message that it is necessary to raise taxes on the sector. “This is also a problem for banking consolidation,” he stressed.

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