<![CDATA[CaixaBank - Communication]]> https://www.caixabank.com/aplnr/comunicacion/buscador/servicio.noticiasRSS_en.html WordPress <![CDATA[De las ferias medievales a los grandes parqués: Bolsa de Frankfurt]]> https://blog.caixabank.es/?p=23645 2017-10-16T06:59:36.0Z 2017-10-16T06:59:36.0Z <![CDATA[De las ferias medievales a los grandes parqués: Bolsa de Frankfurt]]> 0 <![CDATA[The Board of Directors of CaixaBank approves the move of its registered office to Valencia]]> https://blog.caixabank.es/?p=23645 2017-10-06T18:48:00.0Z 2017-10-06T18:48:00.0Z <![CDATA[The Board of Directors of CaixaBank approves the move of its registered office to Valencia]]> With the objective of fully safeguarding the legal and regulatory security inherent to its activity, the Board of Directors has unanimously decided, in light of the current situation in Catalonia, to move its registered office to 2-4 Pintor Sorolla Street in Valencia.

The decision aims to protect the interests of customers, shareholders and employees, guaranteeing the continuity of the bank’s services at all times by enabling it to continue to operate in the eurozone and under supervision of the European Central Bank (ECB).

Remaining in the eurozone will enable CaixaBank to access the financing conditions required to maintain credit flow to consumer and business clients in Catalonia and the rest of Spain, as well as to preserve the integrity of client deposits.

The transfer of the registered office does not involve movement of employees, since the entity has corporate and operational headquarters in several cities in Spain.

CaixaBank is the leading retail banking entity in Spain and one of the main IBEX 35 companies. The bank has 15.8 million customers in the Iberian market, 5,468 branches, the main commercial network in the Iberian Peninsula and more of 37,000 employees.

 

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With the objective of fully safeguarding the legal and regulatory security inherent to its activity, the Board of Directors has unanimously decided, in light of the current situation in Catalonia, to move its registered office to 2-4 Pintor Sorolla Street in Valencia.

The decision aims to protect the interests of customers, shareholders and employees, guaranteeing the continuity of the bank’s services at all times by enabling it to continue to operate in the eurozone and under supervision of the European Central Bank (ECB).

Remaining in the eurozone will enable CaixaBank to access the financing conditions required to maintain credit flow to consumer and business clients in Catalonia and the rest of Spain, as well as to preserve the integrity of client deposits.

The transfer of the registered office does not involve movement of employees, since the entity has corporate and operational headquarters in several cities in Spain.

CaixaBank is the leading retail banking entity in Spain and one of the main IBEX 35 companies. The bank has 15.8 million customers in the Iberian market, 5,468 branches, the main commercial network in the Iberian Peninsula and more of 37,000 employees.

 

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<![CDATA[CaixaBank, Commerzbank, Erste Group, Bank of Montreal, IBM and UBS Collaborate to Advance an Open, Blockchain-based Trade Finance Platform]]> https://blog.caixabank.es/?p=23645 2017-10-04T11:00:00.0Z 2017-10-04T11:00:00.0Z <![CDATA[CaixaBank, Commerzbank, Erste Group, Bank of Montreal, IBM and UBS Collaborate to Advance an Open, Blockchain-based Trade Finance Platform]]> CaixaBank, Commerzbank Erste Group and Bank of Montreal (BMO) have joined an initiative launched by UBS and IBM in 2016 to build a new global trade platform based on blockchain technology. This new platform, called Batavia, is built to be openly accessed by organisations of all sizes anywhere in the world, and can support trade finance for transactions across all modes of trade, whether goods are being transported by air, land or sea.

Batavia advances the work initiated by UBS and IBM to develop a trade finance platform built on the IBM Blockchain Platform powered by the Hyperledger Fabric Blockchain framework. The development work is being done collaboratively by the five banks and IBM in consultation with transportation industry experts as well as the banks’ customers to ensure that the platform is flexible and intuitive for customers and can be commercialized. Batavia is targeting pilot transactions with customers on the network in early 2018 to test and refine the platform.

More efficient and transparent transactions

Designed to support more efficient, transparent and cost effective transactions, the new global trade financing platform will help organizations more easily build multi-party, cross-border trading networks worldwide. Batavia will allow transacting parties to view the progress of a shipment as it leaves the warehouse, is loaded onto a plane, truck or boat and arrives at the receiving port, automatically releasing payments incrementally along each step of the process.

The platform will help connect participants in a trading network, delivering the potential to transform global trade. The open nature of the platform, which encourages broad participation by many banks, vendors and regulators, will also help open new trade corridors, bring new players into the market and expedite processes that before were prohibitively time-consuming and expensive.

An open network

Traditionally, trading partners, including buyers, sellers, their banks, transporters, inspectors and regulators have relied on large volumes of paper based documentation to securely conduct trade transactions. This process can take up to weeks, incurring costs, making data vulnerable to errors due to repeated manual reprocessing and tying up capital. Delays and lack of transparency in trade can make it difficult for companies to access financing, limiting their ability to trade across borders and grow revenues. The Batavia platform will eliminate the necessity to handle and compare documents, allowing buyers, sellers and their banks to execute transactions with a high degree of efficiency and transparency.

Blockchain enables greater transparency by digitising agreements entered into a permanent, immutable ledger that all involved parties in a trade transaction can view. The status of a contract until its fulfilment is updated automatically through IoT sensor data or user input. Batavia will save users time and reduce costs by ensuring the integrity of data as it changes hands, reducing third-party verification processes and minimising the potential for errors, tampering or disputes. When all participants in a transaction can access a shared version of the truth, they can interact with greater trust, building larger and more distributed networks, and in turn, growing revenue.

Customer-centric innovation model

Jordi Fontanals, CaixaBank Chief Operating Officer, said: “At CaixaBank we operate a fully customer-centric innovation model, using technology and creating original products to support individuals and businesses alike. Harnessing blockchain technology offers enormous potential for driving digitization, but more importantly it paves the way for international projects in collaboration with multiple partners, with these being created and designed to serve our customers. Batavia is a prime example of this, allowing us to bolster the foreign trade services that CaixaBank provides to its clients with commercial operations around the world”.

Bernd Laber, Group Executive Trade Finance & Cash Management, Commerzbank AG said: “Commerzbank processes around 30% of German foreign trade and a significant share of European foreign trade activities. As a strong partner for international trade finance, we assist our clients with premium solutions as well as in mitigating risks. With this collaboration and the envisaged platform, we strive to be at the forefront of exploring modern technology in the digital transformation of international trade finance processes.”

“Erste Group is committed to implementing innovations that provide our clients with greater transparency, efficiency and utility in the pursuit of their business and financial interests. By transforming the processes in international trade financing, the Batavia platform promises to boost foreign trade, thus also strengthening a key prosperity-promoting pillar of the economies in our region, Central and Eastern Europe,” said Patrick Götz, Head of Corporate Flow Products at Vienna-based Erste Group Bank AG.

“BMO takes great pride in being a leader in trade and supply chain finance innovation. Our objective is to deliver simple and efficient solutions founded on technology that delivers cost, efficiency and risk benefits to our clients and the bank,” said Jeffrey Shell, Managing Director and Head of Global Trade & Banking at BMO. “We are very excited to participate in this initiative and sense the development of real, positive outcomes for our clients in North America and around the world. As a partner in Batavia we are strengthening our ability to remain highly relevant to our clients as the financial services industry continues to evolve.”

"Today, the process of securing and financing trade is highly cumbersome for corporates," said Beat Bannwart, Head Strategic Innovation & Market Development, Corporate & Institutional Clients at UBS. "Through working closely with our clients, we aim to innovate their user experience through a simple, digital and automated way of arranging, securing and financing their international trade transactions by leveraging new technology and creating an open ecosystem."

“In working with hundreds of clients to implement blockchain solutions, financing global trade has emerged as one of the use cases most in need of innovating,” said Fabio Keller, IBM project lead. “Targeting the creation of large, global, multi-modal networks that bring transparency and trust to each step of the trade process is what makes Batavia a platform with so much potential to transform the way companies around the world do business with one another.”

About BMO Financial Group

Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $709 billion as of July 31, 2017, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

About Commerzbank

Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments Private and Small Business Customers, as well as Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to the clients’ needs. Commerzbank finances 30% of Germany’s foreign trade and is leading in financing for corporate clients in Germany. Due to its indepth sector know-how in the German economy, the Bank is a leading provider of capital market products. Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks.

In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2016, it generated gross revenues of €9.4 billion with approximately 49,900 employees.

About Erste Group

Erste Group is the leading financial services provider in the eastern part of the EU and the preferred partner of corporates in the region. Around 47,000 Erste Group employees serve over 16 million customers in 2,600 branches in seven countries: Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia, and Serbia. As per H1 2017, Erste Group had EUR 218.2 billion in total assets, a net profit of EUR 624.7 million, and a tier-1 capital ratio of 13.2% (CET-1, Basel III, phased in).

About IBM

IBM is the leader in open-source blockchain solutions built for the enterprise. As an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, IBM supports the development of openly-governed blockchains. IBM has worked with more than 400 clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications. For more information about IBM Blockchain, visit www.ibm.com/blockchain.

About UBS

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.

About CaixaBank

CaixaBank is leader in retail banking in Spain, with a 25.7% share among individual customers who make it their main bank. The bank, headed by chairman Jordi Gual, and led by CEO, Gonzalo Gortázar, has around 16 million customers in Spain and Portugal, with 5,468 branches, the largest commercial network in the Iberian peninsula. CaixaBank has been named "Best Bank in Spain 2017" by the UK magazine Euromoney for the fourth consecutive year. This year, Euromoney named CaixaBank, the "Best Private Bank in Spain" for the third time in a row and New York magazine Global Finance also recognised the entity as the "Best Bank in Spain 2017".

 

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CaixaBank, Commerzbank Erste Group and Bank of Montreal (BMO) have joined an initiative launched by UBS and IBM in 2016 to build a new global trade platform based on blockchain technology. This new platform, called Batavia, is built to be openly accessed by organisations of all sizes anywhere in the world, and can support trade finance for transactions across all modes of trade, whether goods are being transported by air, land or sea.

Batavia advances the work initiated by UBS and IBM to develop a trade finance platform built on the IBM Blockchain Platform powered by the Hyperledger Fabric Blockchain framework. The development work is being done collaboratively by the five banks and IBM in consultation with transportation industry experts as well as the banks’ customers to ensure that the platform is flexible and intuitive for customers and can be commercialized. Batavia is targeting pilot transactions with customers on the network in early 2018 to test and refine the platform.

More efficient and transparent transactions

Designed to support more efficient, transparent and cost effective transactions, the new global trade financing platform will help organizations more easily build multi-party, cross-border trading networks worldwide. Batavia will allow transacting parties to view the progress of a shipment as it leaves the warehouse, is loaded onto a plane, truck or boat and arrives at the receiving port, automatically releasing payments incrementally along each step of the process.

The platform will help connect participants in a trading network, delivering the potential to transform global trade. The open nature of the platform, which encourages broad participation by many banks, vendors and regulators, will also help open new trade corridors, bring new players into the market and expedite processes that before were prohibitively time-consuming and expensive.

An open network

Traditionally, trading partners, including buyers, sellers, their banks, transporters, inspectors and regulators have relied on large volumes of paper based documentation to securely conduct trade transactions. This process can take up to weeks, incurring costs, making data vulnerable to errors due to repeated manual reprocessing and tying up capital. Delays and lack of transparency in trade can make it difficult for companies to access financing, limiting their ability to trade across borders and grow revenues. The Batavia platform will eliminate the necessity to handle and compare documents, allowing buyers, sellers and their banks to execute transactions with a high degree of efficiency and transparency.

Blockchain enables greater transparency by digitising agreements entered into a permanent, immutable ledger that all involved parties in a trade transaction can view. The status of a contract until its fulfilment is updated automatically through IoT sensor data or user input. Batavia will save users time and reduce costs by ensuring the integrity of data as it changes hands, reducing third-party verification processes and minimising the potential for errors, tampering or disputes. When all participants in a transaction can access a shared version of the truth, they can interact with greater trust, building larger and more distributed networks, and in turn, growing revenue.

Customer-centric innovation model

Jordi Fontanals, CaixaBank Chief Operating Officer, said: “At CaixaBank we operate a fully customer-centric innovation model, using technology and creating original products to support individuals and businesses alike. Harnessing blockchain technology offers enormous potential for driving digitization, but more importantly it paves the way for international projects in collaboration with multiple partners, with these being created and designed to serve our customers. Batavia is a prime example of this, allowing us to bolster the foreign trade services that CaixaBank provides to its clients with commercial operations around the world”.

Bernd Laber, Group Executive Trade Finance & Cash Management, Commerzbank AG said: “Commerzbank processes around 30% of German foreign trade and a significant share of European foreign trade activities. As a strong partner for international trade finance, we assist our clients with premium solutions as well as in mitigating risks. With this collaboration and the envisaged platform, we strive to be at the forefront of exploring modern technology in the digital transformation of international trade finance processes.”

“Erste Group is committed to implementing innovations that provide our clients with greater transparency, efficiency and utility in the pursuit of their business and financial interests. By transforming the processes in international trade financing, the Batavia platform promises to boost foreign trade, thus also strengthening a key prosperity-promoting pillar of the economies in our region, Central and Eastern Europe,” said Patrick Götz, Head of Corporate Flow Products at Vienna-based Erste Group Bank AG.

“BMO takes great pride in being a leader in trade and supply chain finance innovation. Our objective is to deliver simple and efficient solutions founded on technology that delivers cost, efficiency and risk benefits to our clients and the bank,” said Jeffrey Shell, Managing Director and Head of Global Trade & Banking at BMO. “We are very excited to participate in this initiative and sense the development of real, positive outcomes for our clients in North America and around the world. As a partner in Batavia we are strengthening our ability to remain highly relevant to our clients as the financial services industry continues to evolve.”

"Today, the process of securing and financing trade is highly cumbersome for corporates," said Beat Bannwart, Head Strategic Innovation & Market Development, Corporate & Institutional Clients at UBS. "Through working closely with our clients, we aim to innovate their user experience through a simple, digital and automated way of arranging, securing and financing their international trade transactions by leveraging new technology and creating an open ecosystem."

“In working with hundreds of clients to implement blockchain solutions, financing global trade has emerged as one of the use cases most in need of innovating,” said Fabio Keller, IBM project lead. “Targeting the creation of large, global, multi-modal networks that bring transparency and trust to each step of the trade process is what makes Batavia a platform with so much potential to transform the way companies around the world do business with one another.”

About BMO Financial Group

Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $709 billion as of July 31, 2017, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

About Commerzbank

Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments Private and Small Business Customers, as well as Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to the clients’ needs. Commerzbank finances 30% of Germany’s foreign trade and is leading in financing for corporate clients in Germany. Due to its indepth sector know-how in the German economy, the Bank is a leading provider of capital market products. Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks.

In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2016, it generated gross revenues of €9.4 billion with approximately 49,900 employees.

About Erste Group

Erste Group is the leading financial services provider in the eastern part of the EU and the preferred partner of corporates in the region. Around 47,000 Erste Group employees serve over 16 million customers in 2,600 branches in seven countries: Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia, and Serbia. As per H1 2017, Erste Group had EUR 218.2 billion in total assets, a net profit of EUR 624.7 million, and a tier-1 capital ratio of 13.2% (CET-1, Basel III, phased in).

About IBM

IBM is the leader in open-source blockchain solutions built for the enterprise. As an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, IBM supports the development of openly-governed blockchains. IBM has worked with more than 400 clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications. For more information about IBM Blockchain, visit www.ibm.com/blockchain.

About UBS

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.

About CaixaBank

CaixaBank is leader in retail banking in Spain, with a 25.7% share among individual customers who make it their main bank. The bank, headed by chairman Jordi Gual, and led by CEO, Gonzalo Gortázar, has around 16 million customers in Spain and Portugal, with 5,468 branches, the largest commercial network in the Iberian peninsula. CaixaBank has been named "Best Bank in Spain 2017" by the UK magazine Euromoney for the fourth consecutive year. This year, Euromoney named CaixaBank, the "Best Private Bank in Spain" for the third time in a row and New York magazine Global Finance also recognised the entity as the "Best Bank in Spain 2017".

 

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<![CDATA[Financial education and social responsibility]]> https://blog.caixabank.es/?p=23645 2017-10-02T00:00:00.0Z 2017-10-02T00:00:00.0Z <![CDATA[Financial education and social responsibility]]> Today is National Financial Education Day. Readers might think that there are already too many national and international days for too many things. But don’t worry: actually, we are only aware of those that affect us most directly – a few days ago it was World Alzheimer’s Day, and, in my own interest, I investigated what it was all about. And they are usually cheap – although not all. What I would like to discuss now, from the CaixaBank Chair of Corporate Social Responsibility, is: does financial education have anything to do with social responsibility?

If readers ask this question from the point of view of a financial or educational institution, the answer is clearly yes. If social responsibility is the responsibility of businesses for their impacts on society, the social responsibility of a bank, a fund, or a financial advisor must begin with their impacts on those that are closest to their business, that is, their clients and their employees.

OK, readers say: but what is a financial institution responsible for to its clients? Well, for the effects that their actions (and their omissions, of course) have on their clients: for the quality of their products, for their profitability and for their risk, for their tax implications and, in short, for everything that appears in their contracts, including the so-called small print.

In other words, financial institutions, their directors and their employees must be aware of these impacts. And this is where financial education comes in. Because very often clients do not understand what the annual interest rate is, or what an interest rate risk, exchange rate risk or liquidity risk mean. Therefore, the first duty of institutions is to explain all this to their clients. And as personal financial culture is very different, it will be necessary to adapt to their personal conditions. The first duty of institutions is, therefore, to give clients all the necessary information. And not just in writing, with long paragraphs full of strange terminology, but simply, so that it is understood. In the end, a contract will have to be long and exhaustive, but it should not do anything more than highlight the important concepts or provide a summary of what is most important: I once read that President Reagan didn’t like to receive any report longer than one sheet of paper.

However, readers say, when we talk about financial education we are thinking of something else: of courses, conferences, books, websites, etc. Yes, of course, if we had all studied those courses at school it would now be much easier to understand what the director of a financial institution is telling us when we talk about a debit card or a guaranteed fund.

Therefore, financial education seems to me to have two dimensions, or perhaps even three. The first and the most important dimension is the one that directly affects clients, clearly explaining to them what they need to know – and not just what they decide to ask – about the transaction in question. This is a clear, direct social responsibility, the same as a microwave salesman has when he explains to the purchaser that it is not a good idea to dry off their newly-washed dog in the machine. Or the manufacturer of medicines when it reminds us of that incredibly long list of bad things that could happen to us if we take the pills.

Fine, readers will say: but all those explanations are made to protect the manufacturer or the salesman from costly claims that could be made against them if clients misuse the product. Correct, of course. But the important thing is that, if clients misuse a product they will come to harm: and that is what social responsibility is concerned about. Whether it ends up in the courts or not, it is no longer a matter of social responsibility, but a matter for the legal department or for regulatory compliance.

I said earlier that financial education has a second dimension: educating the general public, especially young people, because they are at an age to learn, and because they have all their lives ahead of them to make use of this knowledge. And also because financial institutions do not know who their future clients will be, meaning that we all win if everybody’s ability to understand products and transactions, risks and profitability improves. And because, if clients come better prepared, the conversation with them will be simpler, briefer and more direct.

Financial education, like other forms of education, has what economists call “spillover effects: if we improve the economic and financial knowledge of our fellow citizens, it is easier for them to make fewer mistakes and easier for us to help them not make them, and we will all benefit. And again, this is social responsibility in a broad sense: improving people, businesses and decisions improves society in general.

However, who is ultimately responsible? I don’t know: each person, each institution has to ask themselves that. In theory, the person who understands the subject and has the training and resources also has the responsibility. And logically, those people will be in financial institutions – or in academic ones. This means that yes, those who specialise in financial matters have skills and knowledge that are useful to others, and it would be worthwhile to put them at the service of everybody.

And to finish, this leads me to the possible third dimension of social responsibility of financial institutions concerning financial education. Because these institutions do many things that are provided to clients and to society in general, that are not called social responsibility. And this could be used to fulfil a broader social responsibility. For example: when they publish their balance sheets, by adding a few paragraphs that explain any items that are not easy to understand. Or when they announce a new product, by having a link to a web page that explains its important points. Or by publishing articles or blogs commenting on aspects of financial education. Or a thousand other things.

There are definitely too many national and international days for too many things. But when businesses sit down to think about what their responsibilities are to society and to their clients, with a little imagination many things will occur to them related to financial education and that will be proof that they are responsible. And we will all benefit from that.

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Today is National Financial Education Day. Readers might think that there are already too many national and international days for too many things. But don’t worry: actually, we are only aware of those that affect us most directly – a few days ago it was World Alzheimer’s Day, and, in my own interest, I investigated what it was all about. And they are usually cheap – although not all. What I would like to discuss now, from the CaixaBank Chair of Corporate Social Responsibility, is: does financial education have anything to do with social responsibility?

If readers ask this question from the point of view of a financial or educational institution, the answer is clearly yes. If social responsibility is the responsibility of businesses for their impacts on society, the social responsibility of a bank, a fund, or a financial advisor must begin with their impacts on those that are closest to their business, that is, their clients and their employees.

OK, readers say: but what is a financial institution responsible for to its clients? Well, for the effects that their actions (and their omissions, of course) have on their clients: for the quality of their products, for their profitability and for their risk, for their tax implications and, in short, for everything that appears in their contracts, including the so-called small print.

In other words, financial institutions, their directors and their employees must be aware of these impacts. And this is where financial education comes in. Because very often clients do not understand what the annual interest rate is, or what an interest rate risk, exchange rate risk or liquidity risk mean. Therefore, the first duty of institutions is to explain all this to their clients. And as personal financial culture is very different, it will be necessary to adapt to their personal conditions. The first duty of institutions is, therefore, to give clients all the necessary information. And not just in writing, with long paragraphs full of strange terminology, but simply, so that it is understood. In the end, a contract will have to be long and exhaustive, but it should not do anything more than highlight the important concepts or provide a summary of what is most important: I once read that President Reagan didn’t like to receive any report longer than one sheet of paper.

However, readers say, when we talk about financial education we are thinking of something else: of courses, conferences, books, websites, etc. Yes, of course, if we had all studied those courses at school it would now be much easier to understand what the director of a financial institution is telling us when we talk about a debit card or a guaranteed fund.

Therefore, financial education seems to me to have two dimensions, or perhaps even three. The first and the most important dimension is the one that directly affects clients, clearly explaining to them what they need to know – and not just what they decide to ask – about the transaction in question. This is a clear, direct social responsibility, the same as a microwave salesman has when he explains to the purchaser that it is not a good idea to dry off their newly-washed dog in the machine. Or the manufacturer of medicines when it reminds us of that incredibly long list of bad things that could happen to us if we take the pills.

Fine, readers will say: but all those explanations are made to protect the manufacturer or the salesman from costly claims that could be made against them if clients misuse the product. Correct, of course. But the important thing is that, if clients misuse a product they will come to harm: and that is what social responsibility is concerned about. Whether it ends up in the courts or not, it is no longer a matter of social responsibility, but a matter for the legal department or for regulatory compliance.

I said earlier that financial education has a second dimension: educating the general public, especially young people, because they are at an age to learn, and because they have all their lives ahead of them to make use of this knowledge. And also because financial institutions do not know who their future clients will be, meaning that we all win if everybody’s ability to understand products and transactions, risks and profitability improves. And because, if clients come better prepared, the conversation with them will be simpler, briefer and more direct.

Financial education, like other forms of education, has what economists call “spillover effects: if we improve the economic and financial knowledge of our fellow citizens, it is easier for them to make fewer mistakes and easier for us to help them not make them, and we will all benefit. And again, this is social responsibility in a broad sense: improving people, businesses and decisions improves society in general.

However, who is ultimately responsible? I don’t know: each person, each institution has to ask themselves that. In theory, the person who understands the subject and has the training and resources also has the responsibility. And logically, those people will be in financial institutions – or in academic ones. This means that yes, those who specialise in financial matters have skills and knowledge that are useful to others, and it would be worthwhile to put them at the service of everybody.

And to finish, this leads me to the possible third dimension of social responsibility of financial institutions concerning financial education. Because these institutions do many things that are provided to clients and to society in general, that are not called social responsibility. And this could be used to fulfil a broader social responsibility. For example: when they publish their balance sheets, by adding a few paragraphs that explain any items that are not easy to understand. Or when they announce a new product, by having a link to a web page that explains its important points. Or by publishing articles or blogs commenting on aspects of financial education. Or a thousand other things.

There are definitely too many national and international days for too many things. But when businesses sit down to think about what their responsibilities are to society and to their clients, with a little imagination many things will occur to them related to financial education and that will be proof that they are responsible. And we will all benefit from that.

]]>
0
<![CDATA[Caixabank’s “Le Cercle” hosts a conference on legal certainty and arbitration organised by the Embassy of Spain in Morocco, the Spanish-Moroccan Court of Arbitration and the Spanish Institute for Foreign Trade (ICEX)]]> https://blog.caixabank.es/?p=23645 2017-09-19T00:00:00.0Z 2017-09-19T00:00:00.0Z <![CDATA[Caixabank’s “Le Cercle” hosts a conference on legal certainty and arbitration organised by the Embassy of Spain in Morocco, the Spanish-Moroccan Court of Arbitration and the Spanish Institute for Foreign Trade (ICEX)]]> “Le Cercle”, the space for dialogue between the world of business of Spain and Morocco promoted by CaixaBank, has hosted a conference on legal certainty and arbitration organised by the Economic and Commercial Office of the Embassy of Spain in Morocco, along with the Spanish-Moroccan Court of Arbitration and the Spanish Institute for Foreign Trade (ICEX).

The event included contributions from major figures in the institutional and corporate world, such as the Head of Spain’s Economic and Commercial Office in Casablanca, Álvaro López Barceló, and the President of the Spanish-Moroccan Court of Arbitration, Javier Íscar de Hoyos. The Ambassador of Spain in Morocco, Ricardo Díaz-Hochleitner, closed the event.

During the conference, debates were also held about “Arbitration as a Tool for Legal Certainty for Companies. Practical Experiences”, chaired by the General Secretary of the Spanish-Moroccan Court of Arbitration, Abdelmalek Ouardigui, and “Arbitration in Morocco. Current Issues”.

CaixaBank: support for business projects between Spain and Morocco

Morocco is a key country in CaixaBank’s international network. CaixaBank organises its international presence through operating branches, representative offices and cooperation agreements with leading correspondent banks. Currently, Morocco is the only country that CaixaBank has three operating offices with, through the opening of its first office in Casablanca in 2009, another in Tangier in 2014 and the third in Agadir in 2017.


Through the creation of the “Le Cercle” debates, CaixaBank reinforces its role as a leader in advice and support for projects and investments between Spain and Morocco. CaixaBank mainly provides services and financing to Spanish companies, although also to major international and Moroccan companies, through a wide range of solutions and services for foreign trade operations.

]]>
“Le Cercle”, the space for dialogue between the world of business of Spain and Morocco promoted by CaixaBank, has hosted a conference on legal certainty and arbitration organised by the Economic and Commercial Office of the Embassy of Spain in Morocco, along with the Spanish-Moroccan Court of Arbitration and the Spanish Institute for Foreign Trade (ICEX).

The event included contributions from major figures in the institutional and corporate world, such as the Head of Spain’s Economic and Commercial Office in Casablanca, Álvaro López Barceló, and the President of the Spanish-Moroccan Court of Arbitration, Javier Íscar de Hoyos. The Ambassador of Spain in Morocco, Ricardo Díaz-Hochleitner, closed the event.

During the conference, debates were also held about “Arbitration as a Tool for Legal Certainty for Companies. Practical Experiences”, chaired by the General Secretary of the Spanish-Moroccan Court of Arbitration, Abdelmalek Ouardigui, and “Arbitration in Morocco. Current Issues”.

CaixaBank: support for business projects between Spain and Morocco

Morocco is a key country in CaixaBank’s international network. CaixaBank organises its international presence through operating branches, representative offices and cooperation agreements with leading correspondent banks. Currently, Morocco is the only country that CaixaBank has three operating offices with, through the opening of its first office in Casablanca in 2009, another in Tangier in 2014 and the third in Agadir in 2017.


Through the creation of the “Le Cercle” debates, CaixaBank reinforces its role as a leader in advice and support for projects and investments between Spain and Morocco. CaixaBank mainly provides services and financing to Spanish companies, although also to major international and Moroccan companies, through a wide range of solutions and services for foreign trade operations.

]]>
0
<![CDATA[CaixaBank opens its first office in Algiers, with the aim of supporting the international growth of Spanish businesses]]> https://blog.caixabank.es/?p=23645 2017-09-08T00:00:00.0Z 2017-09-08T00:00:00.0Z <![CDATA[CaixaBank opens its first office in Algiers, with the aim of supporting the international growth of Spanish businesses]]> CaixaBank has opened a representative office in Algiers, the capital of Algeria, with the aim of enhancing its international support for Spanish companies already established in the country or that have ambitions to drive their international growth there. The new centre bolsters the bank’s position in North Africa, where it already has offices in Morocco and Egypt.

CaixaBank will now support operations for Spanish businesses in Algeria, such as foreign trade and investments. The economic reforms currently being implemented in the country are set to encourage numerous firms to launch new projects in industries including agriculture, in which Spain has a very strong position. CaixaBank will likewise provide support to companies that have traditionally operated in the infrastructure, industry and hotel sectors.

Furthermore, the new office, which will be overseen by Leila Smaili, will allow the bank, presided over by Chairman Jordi Gual and CEO Gonzalo Gortázar, to build closer relations with local financial institutions, meaning greater support for CaixaBank clients in their operations.

In 2016 Spain was the second biggest importer from Algeria, driven by oil and gas purchases, while it was fourth in terms of exports, behind China, France and Italy. Spanish companies import goods worth 3,562 million dollars from the country, while exporting products and capital goods worth 3,595 million dollars.

There are currently some 600 Spanish businesses established across Algeria, most of them SMEs. The exception is the gas and oil sector, where major multinationals dominate the market.

About the CaixaBank international network

The new office in Algiers will strengthen CaixaBank’s services in North Africa, where the bank already has operations in Morocco and Egypt. CaixaBank’s international banking network now extends to a total of 26 centres in 18 countries, offering personalised customer care and high-quality services, as accredited by AENOR certification.

The representative offices specialise in serving Spanish businesses, or those with operations in Spain, that have ambitions to expand into other markets. As well as the office in Algeria, CaixaBank has representative offices in Paris (France), Milan (Italy), Frankfurt (Germany), Istanbul (Turkey), Peking, Shanghai and Hong Kong (China), Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Sao Paulo (Brazil), Santiago de Chile (Chile), Lima (Peru), Bogota (Colombia), New York (USA), Singapore and Johannesburg (South Africa).

CaixaBank also has a network of international branches with banking permits that allow them to provide all kinds of banking and financing services. CaixaBank currently has branches in London (United Kingdom), Casablanca, Tangier and Agadir (Morocco), and Warsaw (Poland).

CaixaBank likewise holds deals with international banks, meaning it can support international operations anywhere in the world.

]]>
CaixaBank has opened a representative office in Algiers, the capital of Algeria, with the aim of enhancing its international support for Spanish companies already established in the country or that have ambitions to drive their international growth there. The new centre bolsters the bank’s position in North Africa, where it already has offices in Morocco and Egypt.

CaixaBank will now support operations for Spanish businesses in Algeria, such as foreign trade and investments. The economic reforms currently being implemented in the country are set to encourage numerous firms to launch new projects in industries including agriculture, in which Spain has a very strong position. CaixaBank will likewise provide support to companies that have traditionally operated in the infrastructure, industry and hotel sectors.

Furthermore, the new office, which will be overseen by Leila Smaili, will allow the bank, presided over by Chairman Jordi Gual and CEO Gonzalo Gortázar, to build closer relations with local financial institutions, meaning greater support for CaixaBank clients in their operations.

In 2016 Spain was the second biggest importer from Algeria, driven by oil and gas purchases, while it was fourth in terms of exports, behind China, France and Italy. Spanish companies import goods worth 3,562 million dollars from the country, while exporting products and capital goods worth 3,595 million dollars.

There are currently some 600 Spanish businesses established across Algeria, most of them SMEs. The exception is the gas and oil sector, where major multinationals dominate the market.

About the CaixaBank international network

The new office in Algiers will strengthen CaixaBank’s services in North Africa, where the bank already has operations in Morocco and Egypt. CaixaBank’s international banking network now extends to a total of 26 centres in 18 countries, offering personalised customer care and high-quality services, as accredited by AENOR certification.

The representative offices specialise in serving Spanish businesses, or those with operations in Spain, that have ambitions to expand into other markets. As well as the office in Algeria, CaixaBank has representative offices in Paris (France), Milan (Italy), Frankfurt (Germany), Istanbul (Turkey), Peking, Shanghai and Hong Kong (China), Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Sao Paulo (Brazil), Santiago de Chile (Chile), Lima (Peru), Bogota (Colombia), New York (USA), Singapore and Johannesburg (South Africa).

CaixaBank also has a network of international branches with banking permits that allow them to provide all kinds of banking and financing services. CaixaBank currently has branches in London (United Kingdom), Casablanca, Tangier and Agadir (Morocco), and Warsaw (Poland).

CaixaBank likewise holds deals with international banks, meaning it can support international operations anywhere in the world.

]]>
0
<![CDATA[CaixaBank has consolidated its position as one of the world’s most sustainable banks, after again being included on the Dow Jones Sustainability Index]]> https://blog.caixabank.es/?p=23645 2017-09-07T00:00:00.0Z 2017-09-07T00:00:00.0Z <![CDATA[CaixaBank has consolidated its position as one of the world’s most sustainable banks, after again being included on the Dow Jones Sustainability Index]]> CaixaBank has again been included on the Dow Jones Sustainability Index (DJSI), the world's foremost global sustainability index for companies. The bank secured a score of 87 points for the sixth consecutive year, thus consolidating CaixaBank’s standing as a world-leading bank in terms of corporate responsibility.

CaixaBank also managed to improve in some social and environmental areas. Specifically, DJSI analysts allocated CaixaBank top scores (100) in categories such as financial stability, corporate citizenship and philanthropy, financial inclusion and cybersecurity, as well as the transparency of social and environmental information. Other categories that were highly rated by analysts included risk management, environmental management, business ethics and talent management and attraction.

According to Gonzalo Gortázar, CaixaBank’s CEO, “the score secured by CaixaBank demonstrates our ability to consistently improve the social, environmental and governance aspects of our managerial approach while also driving profitability, as evidenced by the demanding global DJSI appraisal to which we submit ourselves each year”.

“This is a bank with social convictions”, added Gortázar, “that prioritises financial inclusion, supports saving and retirement planning, and implements active policies to tackle social issues via credit and housing. Our social engagement also extends beyond the financial realm, marking us out as a different kind of bank”.

The DJSI has included CaixaBank among the world’s most responsible companies for the sixth consecutive year. This year, DJSI analysts included a total of 28 banks on the global index, 11 of which are European.

The DJSI is a global index that evaluates companies’ conduct based on social, environmental and corporate governance criteria. It then selects the firms with the best sustainable growth strategies in each industry.

Launched in 1999, the DJSI is one of the foremost indices for investors who factor in sustainability criteria when building and managing investment portfolios. The results of the 2017 DJSI can be viewed from today at the official website (http://www.sustainability-indices.com).

Furthermore, in 2017 CaixaBank has likewise been included in other indices that evaluate financial, social and environmental management, including the Euronext Vigeo index Eurozone 120 and the Euronext Vigeo index Europe 120. CaixaBank also again featured this year on the Ethibel Sustainability Index (ESI) Excellence Europe, an index based on analysis conducted by the Vigeo Eiris sustainability rating agency, and the FTSE4Good, which measures social, environmental and good governance aspects at companies, and the well-known sustainability rating agency, Oekom, has awarded Prime to CaixaBank.

 

 

]]>
CaixaBank has again been included on the Dow Jones Sustainability Index (DJSI), the world's foremost global sustainability index for companies. The bank secured a score of 87 points for the sixth consecutive year, thus consolidating CaixaBank’s standing as a world-leading bank in terms of corporate responsibility.

CaixaBank also managed to improve in some social and environmental areas. Specifically, DJSI analysts allocated CaixaBank top scores (100) in categories such as financial stability, corporate citizenship and philanthropy, financial inclusion and cybersecurity, as well as the transparency of social and environmental information. Other categories that were highly rated by analysts included risk management, environmental management, business ethics and talent management and attraction.

According to Gonzalo Gortázar, CaixaBank’s CEO, “the score secured by CaixaBank demonstrates our ability to consistently improve the social, environmental and governance aspects of our managerial approach while also driving profitability, as evidenced by the demanding global DJSI appraisal to which we submit ourselves each year”.

“This is a bank with social convictions”, added Gortázar, “that prioritises financial inclusion, supports saving and retirement planning, and implements active policies to tackle social issues via credit and housing. Our social engagement also extends beyond the financial realm, marking us out as a different kind of bank”.

The DJSI has included CaixaBank among the world’s most responsible companies for the sixth consecutive year. This year, DJSI analysts included a total of 28 banks on the global index, 11 of which are European.

The DJSI is a global index that evaluates companies’ conduct based on social, environmental and corporate governance criteria. It then selects the firms with the best sustainable growth strategies in each industry.

Launched in 1999, the DJSI is one of the foremost indices for investors who factor in sustainability criteria when building and managing investment portfolios. The results of the 2017 DJSI can be viewed from today at the official website (http://www.sustainability-indices.com).

Furthermore, in 2017 CaixaBank has likewise been included in other indices that evaluate financial, social and environmental management, including the Euronext Vigeo index Eurozone 120 and the Euronext Vigeo index Europe 120. CaixaBank also again featured this year on the Ethibel Sustainability Index (ESI) Excellence Europe, an index based on analysis conducted by the Vigeo Eiris sustainability rating agency, and the FTSE4Good, which measures social, environmental and good governance aspects at companies, and the well-known sustainability rating agency, Oekom, has awarded Prime to CaixaBank.

 

 

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0
<![CDATA[\"la Caixa\" and the Spanish Ministry of the Economy, Industry and Competitiveness, acting through Enisa, have announced a new edition of Premios EmprendedorXXI (EnterpriseXXI Awards), which go to the most innovative start-ups]]> https://blog.caixabank.es/?p=23645 2017-09-04T10:00:00.0Z 2017-09-04T10:00:00.0Z <![CDATA[\"la Caixa\" and the Spanish Ministry of the Economy, Industry and Competitiveness, acting through Enisa, have announced a new edition of Premios EmprendedorXXI (EnterpriseXXI Awards), which go to the most innovative start-ups]]> ”la Caixa”, acting through private equity management company Caixa Capital Risc, and the Spanish Ministry of the Economy, Industry and Competitiveness, for its part acting through Enisa, have just announced a new edition of the Premios EmprendedorXXI (EnterpriseXXI Awards). The event aims to name and support ground-breaking companies promising the greatest growth potential.

Premios EmprendedorXXI has always attracted a large number of companies from all across Spain, given the support the initiative has enjoyed from CaixaBank (providing the largest commercial branch network in Spain), from Enisa and from regional and local entities and bodies dedicated to providing financial aid and support to fledgling businesses. In the 2017 edition, a total of 135 regional institutions are helping to organise the event.

This year round the competition is also being held in Portugal for the first time, following CaixaBank’s takeover of BPI in February. This means that eligible Portuguese companies -highly innovative businesses with less than three years in business- can now fight it out for the main prizes on offer.

Awards to the best of each sector and each territory

In this edition, a total of five main prizes will be handed out; one for each of the following five sectors: Life Sciences, Information Technologies, Digital Businesses, Industrial Technologies and Agro-Food. The winners in this category get sizeable prize money (25,000 euros per prize) and access to an international programme of growth organised alongside the Singularity University and a prestigious business school.

Meanwhile, a further 19 prizes will be handed to those companies to have made the biggest impact in their sector or field: 17 in Spain (one for each autonomous region) and 2 in Portugal (northern-central region and Lisbon-south and islands). The winners from the different regions will reach receive 5,000 euros and a grant to pursue an international course in business growth called Ignite Fast Track, which is being offered by Cambridge University (United Kingdom).

Moreover, the Israeli Embassy in Spain will award a runner-up prize for innovation consisting of a one-week training programme in Israel organised by the Tel Aviv-Yafo Academic Centre, in partnership with the Israeli Ministry of Foreign Affairs.

In total, the 2017 competition will hand out close to 490,000 euros in prize money, making Premios EmprendedorXXI one of the most generous events in Spain and Portugal for budding businesses.

Entry period runs until 3 November

Entrepreneurs looking to enter their business initiatives have from 4 September until 3 November in which to do so. Entries can be made online at www.emprendedorXXI.es.

Entries will then be appraised during November and December and the finalists shortlisted. Following that, the regional prize ceremonies will be held during the first quarter of 2018. Meanwhile, the final phase of Premios EmprendedorXXI will take place in mid-March in Barcelona.

Prominent awards ceremony

Premios EmprendedorXXI is the most prominent event for Spanish start-ups and a key initiative in championing the best innovative business projects from across the country.

Since its inception in 2007, the initiative has invested 4.3 million euros in prizes and support actions, benefitting a total of 289 companies. Breaking it down further, a total of 2.5 million euros has been handed out in cash and a further 1.8 million euros in international training and networking initiatives.

Over its ten years of life, a total of 5,210 start-ups have taken part in Premios EmprendedorXXI and upwards of 257 business owners, investors and representatives from entrepreneurship support entities have sat on the various committees and panels.

About Caixa Capital Risc

Caixa Capital Risc, the venture capital arm of ”la Caixa”, invests in innovative Spanish start-ups promising high growth potential and accompanies and supports them as they develop and grow. 

As a private equity management company, it is a multi-specialist investor that focuses on emerging sectors: life sciences, technology and digital technologies for industry. Caixa Capital Risc has 195 million euros under management through eight investment funds and has more than 170 companies in its portfolio.

In addition to its investments, it is a major supporter of entrepreneurs across all of Spain. Through Premios EmprendedorXXI, “la Caixa” champions projects that bring training and visibility to new, high-potential companies, while helping to generate value-added contacts.

About Enisa

Enisa is a public company attached to the Ministry of the Economy, Industry and Competitiveness, through the Directorate General for Industry and Small- and Medium-Sized Enterprises. It has been actively involved since 1982 in financing viable and innovative business ventures of SMEs and entrepreneurs in Spain.

Enisa finances these ventures through participating loans. To date, it has provided over 830 million euros to nearly 5,000 companies.

]]>
”la Caixa”, acting through private equity management company Caixa Capital Risc, and the Spanish Ministry of the Economy, Industry and Competitiveness, for its part acting through Enisa, have just announced a new edition of the Premios EmprendedorXXI (EnterpriseXXI Awards). The event aims to name and support ground-breaking companies promising the greatest growth potential.

Premios EmprendedorXXI has always attracted a large number of companies from all across Spain, given the support the initiative has enjoyed from CaixaBank (providing the largest commercial branch network in Spain), from Enisa and from regional and local entities and bodies dedicated to providing financial aid and support to fledgling businesses. In the 2017 edition, a total of 135 regional institutions are helping to organise the event.

This year round the competition is also being held in Portugal for the first time, following CaixaBank’s takeover of BPI in February. This means that eligible Portuguese companies -highly innovative businesses with less than three years in business- can now fight it out for the main prizes on offer.

Awards to the best of each sector and each territory

In this edition, a total of five main prizes will be handed out; one for each of the following five sectors: Life Sciences, Information Technologies, Digital Businesses, Industrial Technologies and Agro-Food. The winners in this category get sizeable prize money (25,000 euros per prize) and access to an international programme of growth organised alongside the Singularity University and a prestigious business school.

Meanwhile, a further 19 prizes will be handed to those companies to have made the biggest impact in their sector or field: 17 in Spain (one for each autonomous region) and 2 in Portugal (northern-central region and Lisbon-south and islands). The winners from the different regions will reach receive 5,000 euros and a grant to pursue an international course in business growth called Ignite Fast Track, which is being offered by Cambridge University (United Kingdom).

Moreover, the Israeli Embassy in Spain will award a runner-up prize for innovation consisting of a one-week training programme in Israel organised by the Tel Aviv-Yafo Academic Centre, in partnership with the Israeli Ministry of Foreign Affairs.

In total, the 2017 competition will hand out close to 490,000 euros in prize money, making Premios EmprendedorXXI one of the most generous events in Spain and Portugal for budding businesses.

Entry period runs until 3 November

Entrepreneurs looking to enter their business initiatives have from 4 September until 3 November in which to do so. Entries can be made online at www.emprendedorXXI.es.

Entries will then be appraised during November and December and the finalists shortlisted. Following that, the regional prize ceremonies will be held during the first quarter of 2018. Meanwhile, the final phase of Premios EmprendedorXXI will take place in mid-March in Barcelona.

Prominent awards ceremony

Premios EmprendedorXXI is the most prominent event for Spanish start-ups and a key initiative in championing the best innovative business projects from across the country.

Since its inception in 2007, the initiative has invested 4.3 million euros in prizes and support actions, benefitting a total of 289 companies. Breaking it down further, a total of 2.5 million euros has been handed out in cash and a further 1.8 million euros in international training and networking initiatives.

Over its ten years of life, a total of 5,210 start-ups have taken part in Premios EmprendedorXXI and upwards of 257 business owners, investors and representatives from entrepreneurship support entities have sat on the various committees and panels.

About Caixa Capital Risc

Caixa Capital Risc, the venture capital arm of ”la Caixa”, invests in innovative Spanish start-ups promising high growth potential and accompanies and supports them as they develop and grow. 

As a private equity management company, it is a multi-specialist investor that focuses on emerging sectors: life sciences, technology and digital technologies for industry. Caixa Capital Risc has 195 million euros under management through eight investment funds and has more than 170 companies in its portfolio.

In addition to its investments, it is a major supporter of entrepreneurs across all of Spain. Through Premios EmprendedorXXI, “la Caixa” champions projects that bring training and visibility to new, high-potential companies, while helping to generate value-added contacts.

About Enisa

Enisa is a public company attached to the Ministry of the Economy, Industry and Competitiveness, through the Directorate General for Industry and Small- and Medium-Sized Enterprises. It has been actively involved since 1982 in financing viable and innovative business ventures of SMEs and entrepreneurs in Spain.

Enisa finances these ventures through participating loans. To date, it has provided over 830 million euros to nearly 5,000 companies.

]]>
0
<![CDATA[Juan Ramón Fuertes rejoins CaixaBank’s Canary Islands Regional Division]]> https://blog.caixabank.es/?p=23645 2017-09-04T00:00:00.0Z 2017-09-04T00:00:00.0Z <![CDATA[Juan Ramón Fuertes rejoins CaixaBank’s Canary Islands Regional Division]]> Juan Ramón Fuertes has rejoined CaixaBank’s Canary Islands Regional Division as the most senior executive of the same, having concluded his mission in Portugal to support the integration of Portuguese bank BPI within CaixaBank.

As a result, Manuel Afonso Salazar will take up the post of Corporate Director of the Business-Transactional Banking Division, seeking to strengthen this area.

At the helm of the Canary Islands Regional Division, Juan Ramón Fuertes will be responsible for operations at the 255 branches and the more than 800,000 customers that the bank currently serves in said territory.

Meanwhile, Manuel Afonso Salazar, the new Corporate Director of the Business-Transactional Banking Division, is a long-standing figure at CaixaBank, which he joined in 1996. Since then he has held senior positions in branch management and as director of business banking.

]]>
Juan Ramón Fuertes has rejoined CaixaBank’s Canary Islands Regional Division as the most senior executive of the same, having concluded his mission in Portugal to support the integration of Portuguese bank BPI within CaixaBank.

As a result, Manuel Afonso Salazar will take up the post of Corporate Director of the Business-Transactional Banking Division, seeking to strengthen this area.

At the helm of the Canary Islands Regional Division, Juan Ramón Fuertes will be responsible for operations at the 255 branches and the more than 800,000 customers that the bank currently serves in said territory.

Meanwhile, Manuel Afonso Salazar, the new Corporate Director of the Business-Transactional Banking Division, is a long-standing figure at CaixaBank, which he joined in 1996. Since then he has held senior positions in branch management and as director of business banking.

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<![CDATA[CaixaBank places its first ever issue of non-preferential senior debt, issuing €1,250 million and attracting demand in excess of €3,500 million.]]> https://blog.caixabank.es/?p=23645 2017-08-31T19:00:00.0Z 2017-08-31T19:00:00.0Z <![CDATA[CaixaBank places its first ever issue of non-preferential senior debt, issuing €1,250 million and attracting demand in excess of €3,500 million.]]> CaixaBank has completed its first non-preferential senior debt issue in the amount of €1,250 million. The issue comes in the wake of approval of Royal Decree-Law 11/2017 on urgent financial measures, which introduced the new type of debt to the Legal System. The new format has a lower order of seniority in the event of resolution or bankruptcy with respect to ordinary credits, but a higher order than subordinated debt. It was devised by lawmakers to boost banking solvency and ensure larger amounts of liabilities to enable losses to be absorbed in the event of resolution at a bank.

Confidence in CaixaBank's solvency and leadership of the Iberian market fetched demand in excess of €3,500 million and brought the interest rate down by 15 bp to midswap + 95 bp with respect to the 110 bp offered in the announcement. This puts the coupon at 1.125%. The maturity of the issue is 5 years (January 2023).

Outstanding demand was matched by the quality of orders from the 200 institutional investors showing interest in the CaixaBank issue. There was also a solid component of foreign investors, accounting for 84% of the issue, and excellent book quality, with 89% taken up by sovereign wealth funds, investment funds and insurance companies.

The new issue strengthens the bank's position with respect to future MREL and reflects its intention of building a bail-inable debt buffer to boost protection of senior creditors and depositors in the context of the BRRD (Bank Recovery and Resolution Directive), and also drives up the CaixaBank group's high-quality liquid assets, which as per 30 June stood at €50,000 million, with a Liquidity Coverage Ratio (LCR) standing at 208%, well above the 80% minimum requirement for 2017.

Sixth issue this year

This is the sixth institutional debt issue in 2017 by CaixaBank, chaired by Jordi Gual and CEO Gonzalo Gortázar, which becomes the only Spanish issuer to have gone to the market in all debt formats in 2017, having already issued covered bonds, senior debt, Tier 2 subordinated debt, contingent convertible bonds (CoCos) and the new non-preferential senior debt instrument, capitalising on the scenario of historically low interest rates. CaixaBank issues in 2017 total €6,750 million, underpinning extensive market confidence in the CaixaBank brand and recognition of its track record throughout the year.

CaixaBank CIB, Citi, HSBC, Nomura and Société Générale acted as placement agents on this issue.

]]>
CaixaBank has completed its first non-preferential senior debt issue in the amount of €1,250 million. The issue comes in the wake of approval of Royal Decree-Law 11/2017 on urgent financial measures, which introduced the new type of debt to the Legal System. The new format has a lower order of seniority in the event of resolution or bankruptcy with respect to ordinary credits, but a higher order than subordinated debt. It was devised by lawmakers to boost banking solvency and ensure larger amounts of liabilities to enable losses to be absorbed in the event of resolution at a bank.

Confidence in CaixaBank's solvency and leadership of the Iberian market fetched demand in excess of €3,500 million and brought the interest rate down by 15 bp to midswap + 95 bp with respect to the 110 bp offered in the announcement. This puts the coupon at 1.125%. The maturity of the issue is 5 years (January 2023).

Outstanding demand was matched by the quality of orders from the 200 institutional investors showing interest in the CaixaBank issue. There was also a solid component of foreign investors, accounting for 84% of the issue, and excellent book quality, with 89% taken up by sovereign wealth funds, investment funds and insurance companies.

The new issue strengthens the bank's position with respect to future MREL and reflects its intention of building a bail-inable debt buffer to boost protection of senior creditors and depositors in the context of the BRRD (Bank Recovery and Resolution Directive), and also drives up the CaixaBank group's high-quality liquid assets, which as per 30 June stood at €50,000 million, with a Liquidity Coverage Ratio (LCR) standing at 208%, well above the 80% minimum requirement for 2017.

Sixth issue this year

This is the sixth institutional debt issue in 2017 by CaixaBank, chaired by Jordi Gual and CEO Gonzalo Gortázar, which becomes the only Spanish issuer to have gone to the market in all debt formats in 2017, having already issued covered bonds, senior debt, Tier 2 subordinated debt, contingent convertible bonds (CoCos) and the new non-preferential senior debt instrument, capitalising on the scenario of historically low interest rates. CaixaBank issues in 2017 total €6,750 million, underpinning extensive market confidence in the CaixaBank brand and recognition of its track record throughout the year.

CaixaBank CIB, Citi, HSBC, Nomura and Société Générale acted as placement agents on this issue.

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0