La caixa de catalunya

Caixabank history

The bank was nationalized by the FROB in 2012 due to its inability to meet capital requirements. On July 21, 2014, BBVA managed to take over Catalunya Banc through an auction procedure,[3] completing such purchase on April 24, 2015, once the acquisition of 98.4% of the share capital was formalized.[4] On March 21, 2016, the boards of directors of BBVA and Catalunya Banc agreed to initiate the acquisition of Catalunya Banc.

On March 31, 2016, the boards of directors of BBVA and Catalunya Banc agreed to initiate the process for their merger, so that the Catalan bank would be integrated into BBVA.[5] On September 1, 2016, said takeover was formalized.[6] The FROB approved the aid requested by the FROB to the Catalunya Banc.

The FROB approved the aid requested by CatalunyaCaixa on July 28, 2010, €1,250 million in the form of convertible preference shares.[7] This aid was conditioned to the conversion of CatalunyaCaixa’s financial business into a bank, which was done through the entity Catalunya Banc, and to the recapitalization through the entry of private investment in the bank’s capital.

At the end of the deadline established in Decree Law 2/2011 for private recapitalization, on September 30, 2011, the necessary capital had not been achieved, so the FROB decided to intervene again.[8] This second intervention consisted of a capital injection of 1,718 million euros, which meant in practice the nationalization of Catalunya Banc, as the FROB reached a stake of 89.74% of the bank’s capital.

La caixa online

Guided by the titanic effort of the new general manager, Caixa Catalunya turned itself around like a sock. «The entity gained a lot of momentum, it was aired and modernized,» recalls one executive. «Costabella was not brilliant, but he was very, very hard-working, strong, sporty, courageous.» Executives at the time remember Costabella as «an entertainer, a seducer.» They recall a phrase he used to say: «I’ll let go and if necessary I’ll give it a tug».

But Costabella’s low perception of risk raised misgivings. «He was not prudent. He would say, ‘If we do ten and one goes well, let’s go ahead. And I would say ‘Man, you have to look at the costs,'» explains a manager, who recalls that, as a savings bank, the entity could not increase capital: «The risk was terrible. Another voice agrees: «We all agreed that the business had to be diversified, but we disagreed on the way: I was obsessed with the profit and loss account, I acted as a brake; but Costabella said ‘We’ll see, let’s have confidence'».

Caixabanknow

This change of criteria may have to do with the change of leadership of the bank. In January, Carlos Torres succeeded Francisco González, president since 2000 and implicated in the espionage scandal allegedly ordered by himself and carried out by the police commissioner José Manuel Villarejo. The unification of the brand is one of the first major decisions taken by Torres, but financial sources rule out that it has to do with an attempt to distance himself from the Villarejo case. «It has been planned for a long time,» they say.

La caixa english

BBVA bank absorbs the banking group of which Caixa Catalunya was part. Now the savings bank has become part of a major national bank after a disbursement of 1,187 million, improving the offers of Santander and Caixabank.

If you have been or are a Catalunya Caixa customer, you can request access to any BBVA branch with your account and access all the products and commercial offers that are currently active.

Consultation hours are from Monday to Friday from 8:30 am to 2:15 pm. If you prefer not to talk directly on the phone or go to a branch, you can send an e-mail to [email protected]

If you need to go to a branch to manage your bank account, request a financial product or make any other query, we recommend that you go to your nearest BBVA bank branch. They will be able to manage the procedures you need to carry out.

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