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Bankia

Caixabank

Spanish economy 2nd July 2021

Caixabank, Unions Reach An Agreement: There Will Be 6,452 Departures, 15% Of The Workforce

Caixabank (CABK) has finally reached an agreement with the unions to carry out an adjustment plan of 6,452 employees, equivalent to 15% of the workforce, after reducing the initial proposal by 1,839 people (22%). The departures are expected to take place between November this year and March 2022. And all of them will be voluntary. According to analysts, the associated impact on the profit and loss account is estimated at…

Caixabank 1

Spanish economy 23rd October 2020

Caixabank Cleans Up Its Balance Sheet Before The Merger: Will Sell €1Bn Of Toxic Assets

Before clompleting its merger with Bankia, Caixabank wants to reorganise its balance sheet and will put up for sale portfolios of problematic assets worth 1 billion euros. The doubtful assets CaixaBank intends to divest have been divided into two portfolios. The first, called ‘Project Hermitage’, is made up of ‘unsecured’ credits valued at some 600 million euros. The second one, under the name ‘Louvre Project’, consists of credits worth some 400 million euros with a real estate guarantee.

CaixaBankia

Ibex, Markets, Spanish economy 18th September 2020

Green Light For The Largest Bank In Spain: Caixabank Will Hold 74,2%, Bankia 25%; The State To Retain 16%

Last night the boards of Bankia and Caixabank approved its merger. The operation, which will retain the CaixaBank brand, is structured as a merger of Bankia into CaixaBank. The combined entity’s total assets will exceed €664 Bn, a volume that will make it the largest bank in the domestic market, with an important position at a European level and a market capitalisation of over €16 billion. The management aims at a target of 770M euros of cost savings and revenue synergies of €290M.

Bankia's performance is around -15% lower than the sector

Ibex 2nd March 2020

Bankia Takes the Cat out of the Bag at Investment Funds

Capital Madrid | For the first time in its history, Bankia reached the level of 20,000 million euros in assets managed in investment funds. This was done at the end of January, during which Bankia again led the market in terms of net income, according to data from Inverco.

SAN BBVA

Ibex, Markets 18th September 2019

Santander and BBVA best positioned for cut in ECB deposit rate

Bankinter analysis team believes that the cut in the deposit rate to -0.50% (from -0.4%) further penalises keeping excess liquidity in the ECB. Tiering (or the method of charging in tranches) only partially mitigates the impact with a volume of up to six times the coefficient of obligatory reserves (currently 1.0%) exempt. This favours banks with higher and more internationally diversified ratios of credit investment/typical resources like Banco Santander and BBVA.

spanish GDP

Spanish economy 2nd August 2019

Spanish GDP slows more than expected

Bankia Estudios | Spanish GDP slows more than expected. The provisional GDP data for Q219 has disappointed, by registering a quarterly growth of 0.5%, one tenth below our forecast and the Bank of Spain´s estimate.

Bankia2

Ibex 1st May 2019

Bankia annual net profit in Q119 reaches 205 M€ (-10,8%) and beats expectations

Bankinter | Bankia has presented its first quarter results (Q12019). We highlight the principal figures compared to the consensus: Interest margins: 526 M€ (-4,7% vs 502 M€ expected); Gross margin: 813 M€ (-13,3%; vs 814 M€ expected); Operational margin: 357 M€ (-16,6%; vs 355 M€ esperado); Annual net profit: 205 M€ (-10,8% vs -40 M€ in Q4 18 vs 196M€ expected).

Bankia's CEO José Sevilla: " Values are most important that objectives"

Interviews 12th June 2018

“I Hope That Greater Banking Competition Does Not Make Us Forget Principles”

Manuel Moreno Capa | “We need to re-think what principles and values we want to manage in the banking sector, and maintain a clear philosophy. We tell our teams that they can not attain their objectives at the cost of principles. The values are most important, and the objectives have to be subordinated to the values of the entity if we want to improve the reputation and image of the banking sector,” explains Bankia’s CEO José Sevilla.