<![CDATA[CaixaBank - Communication]]> https://www.caixabank.com/aplnr/comunicacion/buscador/servicio.noticiasRSS_en.html WordPress <![CDATA[CaixaBank posts a recurring profit of €2.36 billion and reinforces its commercial leadership and financial strength]]> https://blog.caixabank.es/?p=23645 2022-01-28T00:00:00.0Z 2022-01-28T00:00:00.0Z <![CDATA[CaixaBank posts a recurring profit of €2.36 billion and reinforces its commercial leadership and financial strength]]>

The CaixaBank Group posted a net adjusted profit without extraordinary items relating to the Bankia merger of €2.36 billion in 2021, compared with €1.38 billion in the previous year, which was affected by heavy provisioning to anticipate the potential impacts of the pandemic.

Meanwhile, attributable net profit in 2021 totalled €5.23 billion, including the extraordinary impacts arising from the merger (accounting recognition of €4.3 billion in negative goodwill, and a net cost of €1.43 billion, mainly on account of the labour restructuring process and other expenses associated with the integration).

In this context, profitability (ROTE on a trailing 12 months basis excluding extraordinary merger items) rose to 7.6% at the end of 2021, while the cost-to-income ratio ended the year at 57.7%.

In 2021, the year marked by the completion of the Bankia integration —the largest in the history of the Spanish banking sector—,  CaixaBank maintained strong commercial momentum and achieved its goals in terms of business activity, financial strength and income statement.

José Ignacio Goirigolzarri, Chairman of CaixaBank, highlighted: “It has been a year in which not only have we completed the largest integration process in the Spanish banking sector, but we have also reinforced our commercial position. In terms of the merger process, we have successfully achieved our goals, integrating our teams, our technological platforms and also our distribution models”.

Goirigolzarri explained that the Bank’s profits and strong capital position “will allow us to return more than €1.1 billion in dividends to our shareholders over the coming months, which represents a 50% payout. And moving forward, we are planning to set our payout at between 50% and 60%. What is more, our shareholders will also benefit from CaixaBank’s intention, subject to the appropriate regulatory approval, to implement an open-market share buy-back programme during 2022 fiscal year, in order to bring our CET1 capital ratio closer to our target level.”

“We continue to support families and businesses during the ongoing recovery from the pandemic. We are confident that this is the best contribution that we, as CaixaBank, can make to our country’s social and economic recovery” added the Bank’s Chairman.

Gonzalo Gortázar, CEO of CaixaBank, stated that “We have successfully completed the integration of CaixaBank and Bankia while at the same time concluding a very positive year, especially in the management of long-term savings.”

Gortázar also remarked that “In 2021 we have also managed to further improve our already excellent financial position. This has allowed us to not only support families and business in an effective way in terms of helping them overcome the ongoing crisis, but to also lead the economic recovery.”

“We begin a new financial year in which we will focus not only on delivering the announced cost and  revenue synergies arising from the merger, but also on establishing the Bank’s strategic pillars for the coming years. We will be doing so in a complex macro environment, but our robust starting position makes us confident that we are on the right path,” added the Bank’s CEO.

 

Pro-forma income statement (on a “like-for-like” basis)

The Group’s pro-forma recurring profit for the year was €2.42 billion, compared with €1.61 billion in 2020, which saw high provisioning activity due to COVID-19. This profit is compiled by aggregating (for comparison purposes only) Bankia’s pre-merger figures for 2020 and the first quarter of 2021, and excluding the extraordinary effects related to the integration.

Core revenues came to €11.34 billion in 2021, down 1% year on year. This performance was partly due to the decline in net interest income and to the bancassurance JV earnings, factors which were partially offset by the growth in fees and commissions and in income and expenses under insurance contracts.

However, core revenues in the fourth quarter grew 2.8% quarter on quarter to reach €2.89 billion, thanks to the Bank’s strong commercial activity and the positive performance of the business amid the process of the technological integration with Bankia (successfully completed in mid-November).

Net interest income in the year amounted to €6.42 billion (down 5.8% on 2020) against a backdrop of negative interest rates. Fee and commission income climbed to €3.99 billion, up 6.7% year on year and also performing strongly in the fourth quarter (+14.1% on the third quarter following an increase in business activity).

More precisely, banking fees and commissions remained stable while fees on the sale of insurance products were up on 2020 levels, mainly due to an increase in business activity and the achievement of commercial targets. Fees and commissions from the management of long-term savings products (mutual funds, pension plans and unit-linked products) came to €1.39 billion in 2021 (+17.9%), thanks to an increase in assets under management following the positive sales performance and the favourable market effect during the year.

Dividend income (€192 million) was up in 2021, mainly due to a higher dividend received from BFA (€98 million, which includes an extraordinary dividend of €54.5 million) and also including the dividend received from Telefónica in both years (€90 million in 2021 versus €100 million in 2020).

Meanwhile, attributable earnings from entities accounted for using the equity method (€436 million) recovered amid the ongoing economic recovery context (+19.1% on the previous year).

Recurring administrative expenses, depreciation and amortisation was up 1% in the year, but down 1.9% in the fourth quarter when compared with the previous quarter due to the reduction in staff expenses (-3.2%), following the initial departure of employees under the labour agreement framework.

Business volumes at all-time highs

Business volumes (customer funds, and gross loans and advances to customers) at the CaixaBank Group amounted to €972.92 billion in the period. Customer funds totalled €619.97 billion at 31 December 2021, up 49.2% in the year. Excluding the contribution made by Bankia, customer funds showed organic growth of 10.5% in the year.

Assets under management came to €158.02 billion. The annual growth here (48.2%; and +16.5% in organic terms) was due to positive performance of net sales and the favourable market effect. Long-term savings market share ended the year at 29.4%. Assets under management in mutual funds, portfolios and SICAVs amounted to €110.09 billion, while pension plans came to €47.93 billion, both showing a positive performance in the year and also in the last quarter.

Gross loans and advances to customers stood at €352.95 billion, up 44.7% in the year (-4.9% excluding the balances transferred from Bankia as part of the merger). Credit to private sector remained stable in the fourth quarter when compared with the previous quarter. Across segments, consumer loans and lending to companies stood out in the fourth quarter, and grew 1% and 1.9%, respectively, showcasing the gradual recovery in economic activity and credit demand.

Mortgages balance dropped 1.5% as repayments outpaced new mortgage loan production. However, new mortgage production was up 8% in the fourth quarter when compared to the third quarter.

Oustanding capital and liquidity management

CaixaBank ended 2021 with high levels of liquidity and capital adequacy, confirming the strength of the Group’s balance sheet. Total liquid assets amounted to €168.35 billion at 31 December, up €53.9 billion in the year, mainly due to the integration of Bankia. Moreover, the Group’s average Liquidity Coverage Ratio (LCR) was 320% at 31 December 2021, revealing a comfortable liquidity position, well clear of the minimum requirement of 100%.

At 31 December, a total of €80.75 billion in TLTRO III financing had been drawn under ECB credit facilities. The drawn balance was up €31.03 billion in the year, mainly due to the incorporation of Bankia drawdowns and further recourse to TLTRO III financing.

In terms of capital, the Common Equity Tier 1 (CET1) ratio closed the year at 13.2%, up from 13% in September and slightly down from 13.6% in December 2020. Various extraordinary items affected the annual performance, most notably the impact of the integration of Bankia, the recognition of restructuring costs and provisions, and the sale of the stake in Erste Group Bank. For the year as a whole, the Bank generated 106 basis points of organic growth capital.

Meanwhile, the MREL ratio to RWAs was 26.2% at the end of 2021, including the senior preferred debt issued in January 2022, comfortably meeting the Bank’s requirements for 2024.

NPL portfolio containment

CaixaBank managed to keep the non-performing loans portfolio and the NPL ratio contained throughout 2021, aside from the increase registered due to the incorporation of Bankia. Non-performing loans totalled €13.63 billion at the end of 2021, compared with €8.6 billion at the end of 2020, although in organic terms they were down €394 million. The reduction came to €322 million in the fourth quarter, partly due to portfolio sales, among other causes.

 

This brought the NPL ratio to 3.6% at 31 December 2021, which has therefore remained stable following the integration of Bankia. Moreover, the NPL coverage ratio ended the year at 63%, while the cost of risk (last 12 months) was 0.23%.

Provisions for COVID-19 insolvency risk totalled €1.39 billion at 31 December, thus remaining stable in the quarter.

Dividend policy

CaixaBank’s solid post-merger position has allowed it to resume its traditional dividend policy. The Board of Directors has agreed to submit the distribution of a gross cash dividend of €0.1463 per share against 2021 earnings, payable in the second quarter of 2022, for approval by shareholders at the next Annual General Meeting.

Payment of this dividend will bring shareholder remuneration for 2021 to €1.18 billion, which is equivalent to 50% of consolidated net profit adjusted to reflect the extraordinary impacts arising from the merger with Bankia.

Moreover, the Board of Directors has also approved the 2022 Dividend Policy, which envisions the distribution of a cash dividend of between 50% and 60% of consolidated net profit in a single payment in 2023, subject to final approval at the Annual General Shareholders Meeting.

It also announced CaixaBank’s plan to implement an open-market share buy-back programme during 2022 fiscal year, subject to the appropiate regulatory approval, with the aim of bringing the CET1 capital ratio closer to the internal target.

CaixaBank, leader in ESG-linked issuances

Given its commitment to sustainability, CaixaBank has started 2022 by issuing a new €1 billion social bond on the wholesale market. The aim of this bond is to finance activities and projects that help fight poverty, promote education and welfare, and foster economic and social development in the most underprivileged areas of Spain.

It is the fourth social bond issued by CaixaBank, and the eighth bond linked to the United Nations’ Sustainable Development Goals (SDGs), thus reinforcing CaixaBank’s position as a leading European bank in ESG-linked issuances.

The Bank also mobilized €31.37 billion in sustainable financing in 2021, 150% more than the previous year, and ended the year in the sixth position in Refinitiv’s ranking of sustainable financing in Europe, and the highest-ranked Spanish bank in the list.

Support for society

Over the last two years, CaixaBank has proven that it is also firmly committed to being a key figure in helping alleviate the impact of the COVID-19 health crisis by bringing all of its resources to bear in granting loans and carrying out many other actions to help society as a whole.

 

The Bank has also pledged to support its customers affected by the volcanic eruption on La Palma by implementing several measures to help affected families, businesses and companies, including a policy of no-fee cash withdrawals at ATMs for non-customers, and the freezing of debt repayments over 12 months. A total of 850 debt moratoria have been granted and the entire CaixaBank network has worked tirelessly to respond to each and every request received in a bid to alleviate the financial burden on those affected by the eruption.

Moreover, CaixaBank, through a contribution from “la Caixa” Foundation, created an aid programme for families whose children were studying outside La Palma and whose homes or farms were struck by the lava flow to help ensure that these children could continue their studies.

José Ignacio Goirigolzarri, CaixaBank’s Chairman - Video

Gonzalo Gortázar, CaixaBank’s CEO - Video

José Ignacio Goirigolzarri, CaixaBank’s Chairman - Audio

Gonzalo Gortázar, CaixaBank’s CEO - Audio

Vídeo materials

Video News

]]>

The CaixaBank Group posted a net adjusted profit without extraordinary items relating to the Bankia merger of €2.36 billion in 2021, compared with €1.38 billion in the previous year, which was affected by heavy provisioning to anticipate the potential impacts of the pandemic.

Meanwhile, attributable net profit in 2021 totalled €5.23 billion, including the extraordinary impacts arising from the merger (accounting recognition of €4.3 billion in negative goodwill, and a net cost of €1.43 billion, mainly on account of the labour restructuring process and other expenses associated with the integration).

In this context, profitability (ROTE on a trailing 12 months basis excluding extraordinary merger items) rose to 7.6% at the end of 2021, while the cost-to-income ratio ended the year at 57.7%.

In 2021, the year marked by the completion of the Bankia integration —the largest in the history of the Spanish banking sector—,  CaixaBank maintained strong commercial momentum and achieved its goals in terms of business activity, financial strength and income statement.

José Ignacio Goirigolzarri, Chairman of CaixaBank, highlighted: “It has been a year in which not only have we completed the largest integration process in the Spanish banking sector, but we have also reinforced our commercial position. In terms of the merger process, we have successfully achieved our goals, integrating our teams, our technological platforms and also our distribution models”.

Goirigolzarri explained that the Bank’s profits and strong capital position “will allow us to return more than €1.1 billion in dividends to our shareholders over the coming months, which represents a 50% payout. And moving forward, we are planning to set our payout at between 50% and 60%. What is more, our shareholders will also benefit from CaixaBank’s intention, subject to the appropriate regulatory approval, to implement an open-market share buy-back programme during 2022 fiscal year, in order to bring our CET1 capital ratio closer to our target level.”

“We continue to support families and businesses during the ongoing recovery from the pandemic. We are confident that this is the best contribution that we, as CaixaBank, can make to our country’s social and economic recovery” added the Bank’s Chairman.

Gonzalo Gortázar, CEO of CaixaBank, stated that “We have successfully completed the integration of CaixaBank and Bankia while at the same time concluding a very positive year, especially in the management of long-term savings.”

Gortázar also remarked that “In 2021 we have also managed to further improve our already excellent financial position. This has allowed us to not only support families and business in an effective way in terms of helping them overcome the ongoing crisis, but to also lead the economic recovery.”

“We begin a new financial year in which we will focus not only on delivering the announced cost and  revenue synergies arising from the merger, but also on establishing the Bank’s strategic pillars for the coming years. We will be doing so in a complex macro environment, but our robust starting position makes us confident that we are on the right path,” added the Bank’s CEO.

 

Pro-forma income statement (on a “like-for-like” basis)

The Group’s pro-forma recurring profit for the year was €2.42 billion, compared with €1.61 billion in 2020, which saw high provisioning activity due to COVID-19. This profit is compiled by aggregating (for comparison purposes only) Bankia’s pre-merger figures for 2020 and the first quarter of 2021, and excluding the extraordinary effects related to the integration.

Core revenues came to €11.34 billion in 2021, down 1% year on year. This performance was partly due to the decline in net interest income and to the bancassurance JV earnings, factors which were partially offset by the growth in fees and commissions and in income and expenses under insurance contracts.

However, core revenues in the fourth quarter grew 2.8% quarter on quarter to reach €2.89 billion, thanks to the Bank’s strong commercial activity and the positive performance of the business amid the process of the technological integration with Bankia (successfully completed in mid-November).

Net interest income in the year amounted to €6.42 billion (down 5.8% on 2020) against a backdrop of negative interest rates. Fee and commission income climbed to €3.99 billion, up 6.7% year on year and also performing strongly in the fourth quarter (+14.1% on the third quarter following an increase in business activity).

More precisely, banking fees and commissions remained stable while fees on the sale of insurance products were up on 2020 levels, mainly due to an increase in business activity and the achievement of commercial targets. Fees and commissions from the management of long-term savings products (mutual funds, pension plans and unit-linked products) came to €1.39 billion in 2021 (+17.9%), thanks to an increase in assets under management following the positive sales performance and the favourable market effect during the year.

Dividend income (€192 million) was up in 2021, mainly due to a higher dividend received from BFA (€98 million, which includes an extraordinary dividend of €54.5 million) and also including the dividend received from Telefónica in both years (€90 million in 2021 versus €100 million in 2020).

Meanwhile, attributable earnings from entities accounted for using the equity method (€436 million) recovered amid the ongoing economic recovery context (+19.1% on the previous year).

Recurring administrative expenses, depreciation and amortisation was up 1% in the year, but down 1.9% in the fourth quarter when compared with the previous quarter due to the reduction in staff expenses (-3.2%), following the initial departure of employees under the labour agreement framework.

Business volumes at all-time highs

Business volumes (customer funds, and gross loans and advances to customers) at the CaixaBank Group amounted to €972.92 billion in the period. Customer funds totalled €619.97 billion at 31 December 2021, up 49.2% in the year. Excluding the contribution made by Bankia, customer funds showed organic growth of 10.5% in the year.

Assets under management came to €158.02 billion. The annual growth here (48.2%; and +16.5% in organic terms) was due to positive performance of net sales and the favourable market effect. Long-term savings market share ended the year at 29.4%. Assets under management in mutual funds, portfolios and SICAVs amounted to €110.09 billion, while pension plans came to €47.93 billion, both showing a positive performance in the year and also in the last quarter.

Gross loans and advances to customers stood at €352.95 billion, up 44.7% in the year (-4.9% excluding the balances transferred from Bankia as part of the merger). Credit to private sector remained stable in the fourth quarter when compared with the previous quarter. Across segments, consumer loans and lending to companies stood out in the fourth quarter, and grew 1% and 1.9%, respectively, showcasing the gradual recovery in economic activity and credit demand.

Mortgages balance dropped 1.5% as repayments outpaced new mortgage loan production. However, new mortgage production was up 8% in the fourth quarter when compared to the third quarter.

Oustanding capital and liquidity management

CaixaBank ended 2021 with high levels of liquidity and capital adequacy, confirming the strength of the Group’s balance sheet. Total liquid assets amounted to €168.35 billion at 31 December, up €53.9 billion in the year, mainly due to the integration of Bankia. Moreover, the Group’s average Liquidity Coverage Ratio (LCR) was 320% at 31 December 2021, revealing a comfortable liquidity position, well clear of the minimum requirement of 100%.

At 31 December, a total of €80.75 billion in TLTRO III financing had been drawn under ECB credit facilities. The drawn balance was up €31.03 billion in the year, mainly due to the incorporation of Bankia drawdowns and further recourse to TLTRO III financing.

In terms of capital, the Common Equity Tier 1 (CET1) ratio closed the year at 13.2%, up from 13% in September and slightly down from 13.6% in December 2020. Various extraordinary items affected the annual performance, most notably the impact of the integration of Bankia, the recognition of restructuring costs and provisions, and the sale of the stake in Erste Group Bank. For the year as a whole, the Bank generated 106 basis points of organic growth capital.

Meanwhile, the MREL ratio to RWAs was 26.2% at the end of 2021, including the senior preferred debt issued in January 2022, comfortably meeting the Bank’s requirements for 2024.

NPL portfolio containment

CaixaBank managed to keep the non-performing loans portfolio and the NPL ratio contained throughout 2021, aside from the increase registered due to the incorporation of Bankia. Non-performing loans totalled €13.63 billion at the end of 2021, compared with €8.6 billion at the end of 2020, although in organic terms they were down €394 million. The reduction came to €322 million in the fourth quarter, partly due to portfolio sales, among other causes.

 

This brought the NPL ratio to 3.6% at 31 December 2021, which has therefore remained stable following the integration of Bankia. Moreover, the NPL coverage ratio ended the year at 63%, while the cost of risk (last 12 months) was 0.23%.

Provisions for COVID-19 insolvency risk totalled €1.39 billion at 31 December, thus remaining stable in the quarter.

Dividend policy

CaixaBank’s solid post-merger position has allowed it to resume its traditional dividend policy. The Board of Directors has agreed to submit the distribution of a gross cash dividend of €0.1463 per share against 2021 earnings, payable in the second quarter of 2022, for approval by shareholders at the next Annual General Meeting.

Payment of this dividend will bring shareholder remuneration for 2021 to €1.18 billion, which is equivalent to 50% of consolidated net profit adjusted to reflect the extraordinary impacts arising from the merger with Bankia.

Moreover, the Board of Directors has also approved the 2022 Dividend Policy, which envisions the distribution of a cash dividend of between 50% and 60% of consolidated net profit in a single payment in 2023, subject to final approval at the Annual General Shareholders Meeting.

It also announced CaixaBank’s plan to implement an open-market share buy-back programme during 2022 fiscal year, subject to the appropiate regulatory approval, with the aim of bringing the CET1 capital ratio closer to the internal target.

CaixaBank, leader in ESG-linked issuances

Given its commitment to sustainability, CaixaBank has started 2022 by issuing a new €1 billion social bond on the wholesale market. The aim of this bond is to finance activities and projects that help fight poverty, promote education and welfare, and foster economic and social development in the most underprivileged areas of Spain.

It is the fourth social bond issued by CaixaBank, and the eighth bond linked to the United Nations’ Sustainable Development Goals (SDGs), thus reinforcing CaixaBank’s position as a leading European bank in ESG-linked issuances.

The Bank also mobilized €31.37 billion in sustainable financing in 2021, 150% more than the previous year, and ended the year in the sixth position in Refinitiv’s ranking of sustainable financing in Europe, and the highest-ranked Spanish bank in the list.

Support for society

Over the last two years, CaixaBank has proven that it is also firmly committed to being a key figure in helping alleviate the impact of the COVID-19 health crisis by bringing all of its resources to bear in granting loans and carrying out many other actions to help society as a whole.

 

The Bank has also pledged to support its customers affected by the volcanic eruption on La Palma by implementing several measures to help affected families, businesses and companies, including a policy of no-fee cash withdrawals at ATMs for non-customers, and the freezing of debt repayments over 12 months. A total of 850 debt moratoria have been granted and the entire CaixaBank network has worked tirelessly to respond to each and every request received in a bid to alleviate the financial burden on those affected by the eruption.

Moreover, CaixaBank, through a contribution from “la Caixa” Foundation, created an aid programme for families whose children were studying outside La Palma and whose homes or farms were struck by the lava flow to help ensure that these children could continue their studies.

José Ignacio Goirigolzarri, CaixaBank’s Chairman - Video

Gonzalo Gortázar, CaixaBank’s CEO - Video

José Ignacio Goirigolzarri, CaixaBank’s Chairman - Audio

Gonzalo Gortázar, CaixaBank’s CEO - Audio

Vídeo materials

Video News

]]>
0
<![CDATA[Grupo Mutua and CaixaBank agree on the terms for the extension of their strategic alliance to the old Bankia network]]> https://blog.caixabank.es/?p=23645 2022-01-27T00:00:00.0Z 2022-01-27T00:00:00.0Z <![CDATA[Grupo Mutua and CaixaBank agree on the terms for the extension of their strategic alliance to the old Bankia network]]> Mutua Madrileña and CaixaBank have signed the extension of the strategic alliance established in 2011 between the bank and the insurer that formalizes SegurCaixa Adeslas’ access to the new business resulting from the integration of Bankia.

The value of the transaction has been set at €650 million and will be paid through SegurCaixa Adeslas, a entity integrated within the Grupo Mutua and partially owned by CaixaBank, and which articulates the distribution agreement in relation to bancassurance between both companies. SegurCaixa Adeslas is 50%-owned by the insurer chaired by Ignacio Garralda, while the bank chaired by José Ignacio Goirigolzarri owns a stake of 49.9%.

The extension of the allliance will allow SegurCaixa Adeslas to increase its exclusive distribution capacity of Non-Life insurance to six million retail customers, which represents an increase of around 50%.

The expansion agreement underscores Mutua’s commitment to supporting CaixaBank in its growth strategy, which Mutua already demonstrated during the integration of the Banca Cívica and Banco de Valencia networks in 2013, as well as the Barclays network in 2015.

For Grupo Mutua, this agreement is alligned with its strategy of further diversification of its business, mainly through international expansion, the growth of its asset management activity, the entry into the mobility sector, and the opening of new distribution channels, such as the alliance with CaixaBank and the partnership recently signed with El Corte Inglés.

For CaixaBank, the extension of the alliance with Grupo Mutua through the agreement with SegurCaixa Adeslas signifies the completion of the reorganisation process of its insurance business following the integration, which also involved the acquisition of a 51% stake in Bankia Vida and the conclusion of the Non-Life insurance agreement.

The extension of the agreement also represents a significant opportunity to extend its products offering to six million clients with a high growth potential, due to lower insurance services penetration in Bankia’s network if compared to CaixaBank’s network. The bank has a unique model based on advisory services and specialisation, with product diversification as one of the key aspects in its commercial strategy.

A very productive relationship with high contribution towards revenues and profit

CaixaBank and Mutua Madrileña formalised a strategic alliance in July 2011, whereby the insurer acquired a 50% control-stake of SegurCaixa Adeslas and signed an exclusive and indefinite distribution agreement for the Health, Home, Car and the remainder of the Non-Life insurance products of SegurCaixa Adeslas through CaixaBank’s branch network, the largest in the country. The agreement signed today relates to the second part of the alliance.  

The positive results that the initial partnership has yielded, for both Grupo Mutua and CaixaBank, and which exceeded initial expectations, were a key driver to the latest extension of the alliance. With regards specifically to Grupo Mutua, chaired by Ignacio Garralda, SegurCaixa Adeslas’ total net contribution to the P&L has already surpassed the initial investment of €1.07 billion.

The strong performance by SegurCaixa Adeslas, with Javier Mira as executive chairman, who is also general director at Mutua Madrileña, is showcased both in its P&L and in its business performance, which have traditionally overperformed the sector average.

The total insurance premium volume was €4.15 billion in 2021, an increase of 4.6% year-on-year, while the Non-Life market grew by 3.3%. Net profit grew to €436 million in 2020 (last fiscal year), representing a 12.7% growth over the previous year.

The agreement signed with CaixaBank in July 2011 led Mutua Madrileña to securing the first position in the general insurance ranking in Spain and, through Adeslas, it has also become the leader in the Health business.

Meanwhile, after the reorganization of its insurance business, CaixaBank remains the leader in the bancassurance business, with VidaCaixa, in the leading position across the Spanish insurance sector, thanks to its strong position in Life insurance.  

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Mutua Madrileña and CaixaBank have signed the extension of the strategic alliance established in 2011 between the bank and the insurer that formalizes SegurCaixa Adeslas’ access to the new business resulting from the integration of Bankia.

The value of the transaction has been set at €650 million and will be paid through SegurCaixa Adeslas, a entity integrated within the Grupo Mutua and partially owned by CaixaBank, and which articulates the distribution agreement in relation to bancassurance between both companies. SegurCaixa Adeslas is 50%-owned by the insurer chaired by Ignacio Garralda, while the bank chaired by José Ignacio Goirigolzarri owns a stake of 49.9%.

The extension of the allliance will allow SegurCaixa Adeslas to increase its exclusive distribution capacity of Non-Life insurance to six million retail customers, which represents an increase of around 50%.

The expansion agreement underscores Mutua’s commitment to supporting CaixaBank in its growth strategy, which Mutua already demonstrated during the integration of the Banca Cívica and Banco de Valencia networks in 2013, as well as the Barclays network in 2015.

For Grupo Mutua, this agreement is alligned with its strategy of further diversification of its business, mainly through international expansion, the growth of its asset management activity, the entry into the mobility sector, and the opening of new distribution channels, such as the alliance with CaixaBank and the partnership recently signed with El Corte Inglés.

For CaixaBank, the extension of the alliance with Grupo Mutua through the agreement with SegurCaixa Adeslas signifies the completion of the reorganisation process of its insurance business following the integration, which also involved the acquisition of a 51% stake in Bankia Vida and the conclusion of the Non-Life insurance agreement.

The extension of the agreement also represents a significant opportunity to extend its products offering to six million clients with a high growth potential, due to lower insurance services penetration in Bankia’s network if compared to CaixaBank’s network. The bank has a unique model based on advisory services and specialisation, with product diversification as one of the key aspects in its commercial strategy.

A very productive relationship with high contribution towards revenues and profit

CaixaBank and Mutua Madrileña formalised a strategic alliance in July 2011, whereby the insurer acquired a 50% control-stake of SegurCaixa Adeslas and signed an exclusive and indefinite distribution agreement for the Health, Home, Car and the remainder of the Non-Life insurance products of SegurCaixa Adeslas through CaixaBank’s branch network, the largest in the country. The agreement signed today relates to the second part of the alliance.  

The positive results that the initial partnership has yielded, for both Grupo Mutua and CaixaBank, and which exceeded initial expectations, were a key driver to the latest extension of the alliance. With regards specifically to Grupo Mutua, chaired by Ignacio Garralda, SegurCaixa Adeslas’ total net contribution to the P&L has already surpassed the initial investment of €1.07 billion.

The strong performance by SegurCaixa Adeslas, with Javier Mira as executive chairman, who is also general director at Mutua Madrileña, is showcased both in its P&L and in its business performance, which have traditionally overperformed the sector average.

The total insurance premium volume was €4.15 billion in 2021, an increase of 4.6% year-on-year, while the Non-Life market grew by 3.3%. Net profit grew to €436 million in 2020 (last fiscal year), representing a 12.7% growth over the previous year.

The agreement signed with CaixaBank in July 2011 led Mutua Madrileña to securing the first position in the general insurance ranking in Spain and, through Adeslas, it has also become the leader in the Health business.

Meanwhile, after the reorganization of its insurance business, CaixaBank remains the leader in the bancassurance business, with VidaCaixa, in the leading position across the Spanish insurance sector, thanks to its strong position in Life insurance.  

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<![CDATA[Análisis técnico bursátil para principiantes]]> https://blog.caixabank.es/?p=23645 2022-01-26T06:59:08.0Z 2022-01-26T06:59:08.0Z <![CDATA[Análisis técnico bursátil para principiantes]]> 0 <![CDATA[CaixaBank's international banking network renews AENOR quality certification for its customer management model]]> https://blog.caixabank.es/?p=23645 2022-01-21T00:00:00.0Z 2022-01-21T00:00:00.0Z <![CDATA[CaixaBank's international banking network renews AENOR quality certification for its customer management model]]> CaixaBank has successfully renewed the AENOR quality certification for its management model in financial services provision to its international banking network, in the framework of AENOR’s standards for Business Financial advisory.

The company has thus secured the renewal of the certificate that the bank first received in 2017, when it became the first international banking network of a Spanish bank to receive this recognition. 

Since the previous audit in September 2019, AENOR praised CaixaBank’s “growth in market share and compliance with planned targets” despite the pandemic and noted “the coverage given to the success stories to implement good practices, as well as the International Banking Expert Programme”.

According to the certification company's analysis, the network has seen its market share grow, both in Europe and internationally, exhibiting a positive trend in areas such as business volume and evolution and the sale of its own products.

The report also emphasises the improved training of the network's professionals through greater specialisation of the teams in key business, such as Commercial, Legal, Operations, Risks and Compliance, and more training tailored for the expatriate personnel to stay up to date on Spanish law, and the enhanced effort to promote the international banking business in other areas of the bank by working to improve the collaboration between different segments of the organisation.

The International Banking Expert Programme, whose goal is to grow the number of professionals with international experience, as well as to enrich them personally, is part of this framework.

A rigorous audit

The process of renewing the AENOR certification entailed a detailed audit of CaixaBank's model for managing its international banking business. The audit, conducted from July to September 2021, involved several company-wide departments, such as Human Resources, Internal Quality and Customer Experience. On this occasion, the activity of the CaixaBank branches in Frankfurt (Germany) and Tangier (Morocco) were audited in person, as was the activity in the representative offices in New York (USA) and Toronto (Canada). Over this period, the remaining branches and representative offices that make up the international banking network were also audited, albeit remotely, as per the AENOR model, and the reports were submitted for evaluation. Over 1,300 people took part in the process.

The goal of obtaining this certification is to constantly improve the service and management quality provided to the customers of CaixaBank's international network. The AENOR quality certification is essential to the business model of the bank, whose 2019-2021 Strategic Plan lays out “offering the best experience to the customer” as one of its basic pillars to. This certificate is also supports CaixaBank's EFQM European Excellence Model.

CaixaBank's International Banking Network 

CaixaBank's International Banking offers support to customers of the branch network, CIB and Business Banking that operate abroad, as well as to local large corporates, thanks to its global outreach with over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

CaixaBank's CIB&IB network operates branches in Germany, France, Morocco, Poland, Portugal and the United Kingdom, all of which, with the exception of Portugal, are authorised by the Spanish and local regulators to provide specific financial and banking services, such as short- and long-term financing, factoring, confirming, and other similar services related to this type of activity.

The institution also has 18 representative offices on 5 continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank business customers in these markets. 

The representative offices offer advice to multinational enterprises with subsidiaries in Spain, as well as to Spanish companies with projects abroad. Its main areas of coverage notably feature trade finance, payments, corporate and project finance.  

]]>
CaixaBank has successfully renewed the AENOR quality certification for its management model in financial services provision to its international banking network, in the framework of AENOR’s standards for Business Financial advisory.

The company has thus secured the renewal of the certificate that the bank first received in 2017, when it became the first international banking network of a Spanish bank to receive this recognition. 

Since the previous audit in September 2019, AENOR praised CaixaBank’s “growth in market share and compliance with planned targets” despite the pandemic and noted “the coverage given to the success stories to implement good practices, as well as the International Banking Expert Programme”.

According to the certification company's analysis, the network has seen its market share grow, both in Europe and internationally, exhibiting a positive trend in areas such as business volume and evolution and the sale of its own products.

The report also emphasises the improved training of the network's professionals through greater specialisation of the teams in key business, such as Commercial, Legal, Operations, Risks and Compliance, and more training tailored for the expatriate personnel to stay up to date on Spanish law, and the enhanced effort to promote the international banking business in other areas of the bank by working to improve the collaboration between different segments of the organisation.

The International Banking Expert Programme, whose goal is to grow the number of professionals with international experience, as well as to enrich them personally, is part of this framework.

A rigorous audit

The process of renewing the AENOR certification entailed a detailed audit of CaixaBank's model for managing its international banking business. The audit, conducted from July to September 2021, involved several company-wide departments, such as Human Resources, Internal Quality and Customer Experience. On this occasion, the activity of the CaixaBank branches in Frankfurt (Germany) and Tangier (Morocco) were audited in person, as was the activity in the representative offices in New York (USA) and Toronto (Canada). Over this period, the remaining branches and representative offices that make up the international banking network were also audited, albeit remotely, as per the AENOR model, and the reports were submitted for evaluation. Over 1,300 people took part in the process.

The goal of obtaining this certification is to constantly improve the service and management quality provided to the customers of CaixaBank's international network. The AENOR quality certification is essential to the business model of the bank, whose 2019-2021 Strategic Plan lays out “offering the best experience to the customer” as one of its basic pillars to. This certificate is also supports CaixaBank's EFQM European Excellence Model.

CaixaBank's International Banking Network 

CaixaBank's International Banking offers support to customers of the branch network, CIB and Business Banking that operate abroad, as well as to local large corporates, thanks to its global outreach with over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

CaixaBank's CIB&IB network operates branches in Germany, France, Morocco, Poland, Portugal and the United Kingdom, all of which, with the exception of Portugal, are authorised by the Spanish and local regulators to provide specific financial and banking services, such as short- and long-term financing, factoring, confirming, and other similar services related to this type of activity.

The institution also has 18 representative offices on 5 continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank business customers in these markets. 

The representative offices offer advice to multinational enterprises with subsidiaries in Spain, as well as to Spanish companies with projects abroad. Its main areas of coverage notably feature trade finance, payments, corporate and project finance.  

]]>
0
<![CDATA[CaixaBank launches its ESG advisory service for corporate and institutional customers]]> https://blog.caixabank.es/?p=23645 2022-01-20T10:30:00.0Z 2022-01-20T10:30:00.0Z <![CDATA[CaixaBank launches its ESG advisory service for corporate and institutional customers]]> CaixaBank has launched a new environmental, social and governance (ESG) advisory service to help its corporate and institutional customers to analyse and establish a sustainable strategy and positioning. With this new advisory service, CaixaBank seeks to promote its customers' transition towards neutrality in carbon emissions and guide them through their processes of adapting, understanding and defining sustainable goals in the short and long term.

Since the 2015 Paris Agreement, a series of regulatory milestones and a push for sustainability have emerged that focus on the need to decarbonise globally to guarantee sustainability at every level. This transition to a carbon-free economy poses an ambitious and complex challenge.

CaixaBank, as a financial institution, accepts its role as a conduit of financing and promotes investment to help its customers transition to carbon neutrality. Through its Corporate and Institutional Banking (CIB) Structured Finance - Sustainable Finance Department, it makes available an ESG advisory process to its customers to help them develop a comprehensive sustainability plan and adapt their finances to the specific needs of their decarbonisation strategy.

Three areas of customised diagnosis

This is a unique service designed using an in-house methodology based on the guidelines of the Cambridge Institute for Sustainability Leadership and UNEP-FI. It provides an added value to customers, who can ascertain their level of ESG maturity, while providing guidance and also offering a consulting partnership agreement to help them improve their sustainability performance. This service analyses three areas of customer performance, offering them a customised diagnosis, comparing their positioning and outlook in their sector, and suggesting an action plan with specific proposals. 

In the first area, we provide a personalised analysis of each customer's sustainability strategy, commitments, and the degree of alignment with the goals of the Paris Agreement. Also defined are medium and long-term goals, which must be measurable and consistent with the company's corporate strategy.

In the second area, we rely on ESG agencies and ratings to analyse the customer's visibility in those markets in which it is present or in which it could achieve visibility. We propose different structures, metrics, and tracking and impact tools. CaixaBank offers active management with ESG agencies, ratings and indeces through active dialogue with market leaders in order to improve the sustainable positioning and recognition of each customer.

In the last phase, we evaluate if the company has incorporated ESG criteria into its financing decisions, and we assess the option of defining a sustainable financing framework that integrates these ESG criteria into the financing policy and streamlines decision-making and access to capital. We also validate potential financing products that can be incorporated into said financing framework.

Sustainable financing can be classified as Green if it has a direct and positive environmental impact; Social if the use of the funds affects social variables, such as health or education; or ESG-Linked if the financing incentivises the company to achieve sustainable objectives.

This entire process lasts somewhere between nine and twelve months. The bank has already signed several agreements with leading companies in their sectors, marking the beginning of the consulting process under strict confidentiality rules, with a designated team assigned to each customer.

Success story for the University of Cambridge and the United Nations

Recently, the University of Cambridge's Institute for Sustainability Leadership, in cooperation with the United Nations, published a report on “Leadership Strategies for Client Engagement”, in which it selected CaixaBank and three other international banks to illustrate the success of this method for advising and assisting customers in the field of ESG.

CaixaBank views this service as a “strategic partnership” with its corporate and institutional customers that elevates the strategic dialogue and enhances long-term relationships and commitments. It represents one more step in its commitment to provide added value to customers at a time of constant global change, when sustainability is playing a central role in the strategy of companies and institutions as a key factor in investment decisions, and as a core focus of development at both the regulatory and market forecasting level.

]]>
CaixaBank has launched a new environmental, social and governance (ESG) advisory service to help its corporate and institutional customers to analyse and establish a sustainable strategy and positioning. With this new advisory service, CaixaBank seeks to promote its customers' transition towards neutrality in carbon emissions and guide them through their processes of adapting, understanding and defining sustainable goals in the short and long term.

Since the 2015 Paris Agreement, a series of regulatory milestones and a push for sustainability have emerged that focus on the need to decarbonise globally to guarantee sustainability at every level. This transition to a carbon-free economy poses an ambitious and complex challenge.

CaixaBank, as a financial institution, accepts its role as a conduit of financing and promotes investment to help its customers transition to carbon neutrality. Through its Corporate and Institutional Banking (CIB) Structured Finance - Sustainable Finance Department, it makes available an ESG advisory process to its customers to help them develop a comprehensive sustainability plan and adapt their finances to the specific needs of their decarbonisation strategy.

Three areas of customised diagnosis

This is a unique service designed using an in-house methodology based on the guidelines of the Cambridge Institute for Sustainability Leadership and UNEP-FI. It provides an added value to customers, who can ascertain their level of ESG maturity, while providing guidance and also offering a consulting partnership agreement to help them improve their sustainability performance. This service analyses three areas of customer performance, offering them a customised diagnosis, comparing their positioning and outlook in their sector, and suggesting an action plan with specific proposals. 

In the first area, we provide a personalised analysis of each customer's sustainability strategy, commitments, and the degree of alignment with the goals of the Paris Agreement. Also defined are medium and long-term goals, which must be measurable and consistent with the company's corporate strategy.

In the second area, we rely on ESG agencies and ratings to analyse the customer's visibility in those markets in which it is present or in which it could achieve visibility. We propose different structures, metrics, and tracking and impact tools. CaixaBank offers active management with ESG agencies, ratings and indeces through active dialogue with market leaders in order to improve the sustainable positioning and recognition of each customer.

In the last phase, we evaluate if the company has incorporated ESG criteria into its financing decisions, and we assess the option of defining a sustainable financing framework that integrates these ESG criteria into the financing policy and streamlines decision-making and access to capital. We also validate potential financing products that can be incorporated into said financing framework.

Sustainable financing can be classified as Green if it has a direct and positive environmental impact; Social if the use of the funds affects social variables, such as health or education; or ESG-Linked if the financing incentivises the company to achieve sustainable objectives.

This entire process lasts somewhere between nine and twelve months. The bank has already signed several agreements with leading companies in their sectors, marking the beginning of the consulting process under strict confidentiality rules, with a designated team assigned to each customer.

Success story for the University of Cambridge and the United Nations

Recently, the University of Cambridge's Institute for Sustainability Leadership, in cooperation with the United Nations, published a report on “Leadership Strategies for Client Engagement”, in which it selected CaixaBank and three other international banks to illustrate the success of this method for advising and assisting customers in the field of ESG.

CaixaBank views this service as a “strategic partnership” with its corporate and institutional customers that elevates the strategic dialogue and enhances long-term relationships and commitments. It represents one more step in its commitment to provide added value to customers at a time of constant global change, when sustainability is playing a central role in the strategy of companies and institutions as a key factor in investment decisions, and as a core focus of development at both the regulatory and market forecasting level.

]]>
0
<![CDATA[CaixaBank participates in the financing of six wind farms in Poland by EDP Renewables]]> https://blog.caixabank.es/?p=23645 2022-01-18T00:00:00.0Z 2022-01-18T00:00:00.0Z <![CDATA[CaixaBank participates in the financing of six wind farms in Poland by EDP Renewables]]> CaixaBank has participated in the underwriting of a green loan facility for the long term financing of six wind farms by EDP Renewables, the world’s fourth largest renewable energy producer. The agreeement covers the financing of the development, construction and operation of six wind farms with an aggregate capacity of 149.4 MW. The commercial tranche of 655 million zlotys (PLN), equivalent to €144 million, is supported by the European Investment Bank, CaixaBank and Santander, with a partial guarantee by EKF (Denmark’s Export Credit Agency).

The six wind farms are geographically dispersed across Poland, throughout the south-eastern, north-western and northern part of the country. More precisely, the Kozlowo and Krasin wind farms are located in the Warmian-Masurian province, the Lichnowy and Chojnice wind farms are in the Pomerania province, Piatkowo is in the Kujawsko-Pomorskie province and the Bogoria wind farm is in the Swietokrzyskie province.

EDP ​​Renewables wind farms will benefit from the renewable energy support scheme based on auctions organized in 2018 and 2019 by the Polish State and they constitute one of the largest wind energy financing operations in the country to date.

CaixaBank in Poland

This green loan is the largest project financing deal for CaixaBank in Poland to date. Through this loan, CaixaBank further reinforces its commitment to both the Polish economy and businesses to help them deliver on the energy transition objectives as the country moves to increase its production of renewable energy, especially at a time of great rises in the price of fossil fuels.

CaixaBank has had a presence in Poland since 2007 when it opened a branch in Warsaw. From there, the company offers corporate and transactional banking services, such as guarantees, bilateral loans, short-term and long-term financing, factoring, confirming, and other services. The branch has both helped CaixaBank become a relevant participant in Poland’s corporate banking landscape.

CaixaBank, committed to sustainable financing 

CaixaBank is among the financial institutions most committed to sustainability given that it has a Plan for Socially Responsible Banking that supports the UN  Sustainable Development Goals.    

Through its initiatives, the Bank supports environmentally friendly initiatives and projects that contribute to preventing and mitigating climate change and encourage the transition to a low-carbon economy and social development.   

In 2021 the bank has mobilised €31.37 billion euros in sustainable financing, an increase of 150% compared to 2020. 

In the area of sustainable loans, in 2021 CaixaBank has issued 105 loans for a total value of €11.59 billion. This figure represents an 131% increase compared to 2020, marking a new record for the bank.

CaixaBank ended 2021 as the sixth bank in sustainable financing in EMEA, according to Refinitiv, and is the highest ranked Spanish bank.

In the area of bonds, in 2021 CaixaBank has participated as a bookrunner in the issuance of 18 ESG bonds, for a total of €16.2 billion, excluding the bank’s own issuances.

The bank has further issued four own green and social bonds to support the UN  Sustainable Development Goals, for a total value of €3.5 billion. These four bonds add to the three issued in 2019 and 2020, making CaixaBank the European bank with the largest volume of own ESG bonds in euros, with a total of seven issuances - four green and three social bonds – for an aggregate value of €6 billion and £500 million.

CaixaBank's international presence 

CaixaBank maintains an international presence through its International Banking network of representative branches and offices as well as cooperation agreements with international banks. In addition, it owns BPI in Portugal, the country’s fourth largest financial institution by assets. 

CaixaBank's International Banking business offers corproate and investment banking services to its clients with operations abroad, as well as business banking services to large local corporates. It has a global team of over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

The CIB/IB (Corporate & Institutional Banking / International Banking) network of CaixaBank is made up of branches in Germany, France, Morocco, Poland, Portugal, the United Kingdom, all of them, with the exception of Portugal, authorised by both the Spanish and local regulators to enable them to provide comprehensive financial services to meet the needs of businesses operating locally.

The institution also has 18 representative offices on all five continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank’s business customers in these markets. 

CaixaBank's International Banking network is the only AENOR-certified international banking network in Spain.

]]>
CaixaBank has participated in the underwriting of a green loan facility for the long term financing of six wind farms by EDP Renewables, the world’s fourth largest renewable energy producer. The agreeement covers the financing of the development, construction and operation of six wind farms with an aggregate capacity of 149.4 MW. The commercial tranche of 655 million zlotys (PLN), equivalent to €144 million, is supported by the European Investment Bank, CaixaBank and Santander, with a partial guarantee by EKF (Denmark’s Export Credit Agency).

The six wind farms are geographically dispersed across Poland, throughout the south-eastern, north-western and northern part of the country. More precisely, the Kozlowo and Krasin wind farms are located in the Warmian-Masurian province, the Lichnowy and Chojnice wind farms are in the Pomerania province, Piatkowo is in the Kujawsko-Pomorskie province and the Bogoria wind farm is in the Swietokrzyskie province.

EDP ​​Renewables wind farms will benefit from the renewable energy support scheme based on auctions organized in 2018 and 2019 by the Polish State and they constitute one of the largest wind energy financing operations in the country to date.

CaixaBank in Poland

This green loan is the largest project financing deal for CaixaBank in Poland to date. Through this loan, CaixaBank further reinforces its commitment to both the Polish economy and businesses to help them deliver on the energy transition objectives as the country moves to increase its production of renewable energy, especially at a time of great rises in the price of fossil fuels.

CaixaBank has had a presence in Poland since 2007 when it opened a branch in Warsaw. From there, the company offers corporate and transactional banking services, such as guarantees, bilateral loans, short-term and long-term financing, factoring, confirming, and other services. The branch has both helped CaixaBank become a relevant participant in Poland’s corporate banking landscape.

CaixaBank, committed to sustainable financing 

CaixaBank is among the financial institutions most committed to sustainability given that it has a Plan for Socially Responsible Banking that supports the UN  Sustainable Development Goals.    

Through its initiatives, the Bank supports environmentally friendly initiatives and projects that contribute to preventing and mitigating climate change and encourage the transition to a low-carbon economy and social development.   

In 2021 the bank has mobilised €31.37 billion euros in sustainable financing, an increase of 150% compared to 2020. 

In the area of sustainable loans, in 2021 CaixaBank has issued 105 loans for a total value of €11.59 billion. This figure represents an 131% increase compared to 2020, marking a new record for the bank.

CaixaBank ended 2021 as the sixth bank in sustainable financing in EMEA, according to Refinitiv, and is the highest ranked Spanish bank.

In the area of bonds, in 2021 CaixaBank has participated as a bookrunner in the issuance of 18 ESG bonds, for a total of €16.2 billion, excluding the bank’s own issuances.

The bank has further issued four own green and social bonds to support the UN  Sustainable Development Goals, for a total value of €3.5 billion. These four bonds add to the three issued in 2019 and 2020, making CaixaBank the European bank with the largest volume of own ESG bonds in euros, with a total of seven issuances - four green and three social bonds – for an aggregate value of €6 billion and £500 million.

CaixaBank's international presence 

CaixaBank maintains an international presence through its International Banking network of representative branches and offices as well as cooperation agreements with international banks. In addition, it owns BPI in Portugal, the country’s fourth largest financial institution by assets. 

CaixaBank's International Banking business offers corproate and investment banking services to its clients with operations abroad, as well as business banking services to large local corporates. It has a global team of over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

The CIB/IB (Corporate & Institutional Banking / International Banking) network of CaixaBank is made up of branches in Germany, France, Morocco, Poland, Portugal, the United Kingdom, all of them, with the exception of Portugal, authorised by both the Spanish and local regulators to enable them to provide comprehensive financial services to meet the needs of businesses operating locally.

The institution also has 18 representative offices on all five continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank’s business customers in these markets. 

CaixaBank's International Banking network is the only AENOR-certified international banking network in Spain.

]]>
0
<![CDATA[CaixaBank issues a new social bond for €1 billion to fund loans to families, self-employed workers and SMEs in Spain]]> https://blog.caixabank.es/?p=23645 2022-01-13T18:00:00.0Z 2022-01-13T18:00:00.0Z <![CDATA[CaixaBank issues a new social bond for €1 billion to fund loans to families, self-employed workers and SMEs in Spain]]> CaixaBank has resumed its activity of issuing bonds for the wholesale market in 2022, with a new social bond worth €1 billion in the form of preferred senior debt. The aim of the bond is to finance activities and projects that contribute to combating poverty, promote education and welfare as well as economic and social development in the most disadvantaged areas of Spain.

The bond has a maturity of six years, with the option of early redemption in the last year by the issuer, and it has had a demand of over €1.65 billion, tapping the interest of 100 institutional investors. More than 80% of these are recognised as Socially Responsible Investors (SRI), which is the highest share of SRI investors so far this year.

The price of the bond is set at 62 basis points over the mid swap, 18 bp below the starting price indications, and the coupon has been set at 0.625%. This is the lowest price of a sustainability-linked bond issued by a financial issuer in an unsecured format in Southern Europe. It is also the first social issuance in the euro market in 2022 and the first preferred senior issue by a Spanish bank this year.

The banks placing this issue are Bank of America, CaixaBank, Citi, Natixis and UniCredit.

Four social bonds and four green bonds

This is the fourth social bond issued by CaixaBank, the second in preferred senior debt format, and taking into account the already issued four green bonds , it is the eighth bond linked to the Sustainable Development Goals published by the bank in 2019.

With this, CaixaBank continues to consolidate its status as a leading institution in Environmental, Social and Governance (ESG) issuances and a benchmark in socially responsible banking. CaixaBank is also the largest issuer of ESG bonds on the euro credit market. Currently, it has approximately €7.6 billion worth of ESG issues outstanding in the market.

CaixaBank published in December its second report on the social portfolio impact on social matters. This portfolio has €4.96 billion allocated to financing social projects, which have helped drive the bank's four priority Sustainable Development Goals. The financial institution was Spain's first bank to issue a social bond in support of the UN SDGs in September 2019, which it followed with the issuance of two additional social bonds in July 2020 (Covid-19 Social Bond) and May 2021. With today's issuance, CaixaBank has placed on the market social bonds for a nominal value of €4 billion.

]]>
CaixaBank has resumed its activity of issuing bonds for the wholesale market in 2022, with a new social bond worth €1 billion in the form of preferred senior debt. The aim of the bond is to finance activities and projects that contribute to combating poverty, promote education and welfare as well as economic and social development in the most disadvantaged areas of Spain.

The bond has a maturity of six years, with the option of early redemption in the last year by the issuer, and it has had a demand of over €1.65 billion, tapping the interest of 100 institutional investors. More than 80% of these are recognised as Socially Responsible Investors (SRI), which is the highest share of SRI investors so far this year.

The price of the bond is set at 62 basis points over the mid swap, 18 bp below the starting price indications, and the coupon has been set at 0.625%. This is the lowest price of a sustainability-linked bond issued by a financial issuer in an unsecured format in Southern Europe. It is also the first social issuance in the euro market in 2022 and the first preferred senior issue by a Spanish bank this year.

The banks placing this issue are Bank of America, CaixaBank, Citi, Natixis and UniCredit.

Four social bonds and four green bonds

This is the fourth social bond issued by CaixaBank, the second in preferred senior debt format, and taking into account the already issued four green bonds , it is the eighth bond linked to the Sustainable Development Goals published by the bank in 2019.

With this, CaixaBank continues to consolidate its status as a leading institution in Environmental, Social and Governance (ESG) issuances and a benchmark in socially responsible banking. CaixaBank is also the largest issuer of ESG bonds on the euro credit market. Currently, it has approximately €7.6 billion worth of ESG issues outstanding in the market.

CaixaBank published in December its second report on the social portfolio impact on social matters. This portfolio has €4.96 billion allocated to financing social projects, which have helped drive the bank's four priority Sustainable Development Goals. The financial institution was Spain's first bank to issue a social bond in support of the UN SDGs in September 2019, which it followed with the issuance of two additional social bonds in July 2020 (Covid-19 Social Bond) and May 2021. With today's issuance, CaixaBank has placed on the market social bonds for a nominal value of €4 billion.

]]>
0
<![CDATA[imagin ranked as the neobank with the best user experience]]> https://blog.caixabank.es/?p=23645 2022-01-10T00:00:00.0Z 2022-01-10T00:00:00.0Z <![CDATA[imagin ranked as the neobank with the best user experience]]>  

imagin, the digital and lifestyle services platform promoted by CaixaBank, has been ranked as the the neobank with the best quality service in Spain by  AQMetrix, the independent consultant specialising in rating mobile applications and digital banking services of entities worldwide, who conducted a specific assessment on the quality of neobanks in Spain.

The ranking acknowledged imagin with the highest rating, AA, among neobanks. In its studies AQMetrix analyses aspects such as the app's availability, performance and functionalities.

 

Neobanks general score. Source: AQMetrix (Q3 data).

 

Currently, imagin boasts upwards of 3.7 million users. The platform is the leader among the top neobanks and fintech companies in terms of customers, with a 16% share of active users, as the latest Smartme Analytics study shows.

 

 

Active users ranking of mobile applications in new digital banking and fintech. Source: Smartme Analytics (November 2021 data).

 

This data strengthens imagin's leadership as a digital financial services player. According to data from imagin, ‘imaginers’ especially rate aspects such as the commission-free maintenance, transfer and cash withdrawal services.

imagin’s growth comes in response to the user loyalty boosting strategy arising from the creation of digital, financial and non-financial services, which, unlike traditional banking do not necessarily involve somebody registering as a banking customer. During the past year, a huge amount of digital content and services has been launched on the platform that have attracted a great deal of interest among the imaginer community, based on six major subject areas: sustainability (imaginPlanet), solidarity (imaginChangers), music (imaginMusic), videogames (imaginGames), trends (imaginCafé) and technology (imaginShop).

Solid commitment to sustainability

Among the imaginer community, sustainability is one of the fields that generates the most interest, interaction and involvement of users. Through imaginPlanet, imagin implements a full line of sustainability-based products, services, agreements and initiatives that create a positive impact for the planet and society as a whole. As a result of such actions, imaginPlanet has succeeded in boosting tree plantations to offset upwards of 100 tons of CO2, collecting 1,000 kilograms of plastics and more than 40,000 imaginers have joined in saving on food waste through the partnership with “Too Good To Go”.

This commitment to sustainability, which is part of imagin's strategy and is delivered across  the entire business model, has earned the platform a B Corp certification. This guarantees the company's compliance with the highest standards of social and environmental performance, public transparency and corporate responsibility to balance economic benefit with social purpose.

Besides supporting environmental causes, one of the projects that has had the greatest impact on the imagin community is imaginChangers, the programme that enables imagin users to take part in digital volunteering actions through their mobile devices and support charity projects with financial donations.

Digital financial services

At the financial level, the imagin application develops digital products offered to meet the saving and financing needs of users. In all cases, imagin has the key features for the digital native public: mobile only banking (the services are provided exclusively through the app, with no branches and no website, which solely fulfils an informative purpose), with no fees for the user and its own simple and clear language, especially suited to directly communicating with young people.

The imagin offering includes two further applications according to the age of users: imaginKids (intended for children from 0 to 11 years of age and highly focused towards financial education through games), imaginTeens (designed for adolescents between 12 and 17 years of age, with content and services intended for young people who are beginning to require solutions for their first purchases and to start out in managing their personal finances).

 

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imagin, the digital and lifestyle services platform promoted by CaixaBank, has been ranked as the the neobank with the best quality service in Spain by  AQMetrix, the independent consultant specialising in rating mobile applications and digital banking services of entities worldwide, who conducted a specific assessment on the quality of neobanks in Spain.

The ranking acknowledged imagin with the highest rating, AA, among neobanks. In its studies AQMetrix analyses aspects such as the app's availability, performance and functionalities.

 

Neobanks general score. Source: AQMetrix (Q3 data).

 

Currently, imagin boasts upwards of 3.7 million users. The platform is the leader among the top neobanks and fintech companies in terms of customers, with a 16% share of active users, as the latest Smartme Analytics study shows.

 

 

Active users ranking of mobile applications in new digital banking and fintech. Source: Smartme Analytics (November 2021 data).

 

This data strengthens imagin's leadership as a digital financial services player. According to data from imagin, ‘imaginers’ especially rate aspects such as the commission-free maintenance, transfer and cash withdrawal services.

imagin’s growth comes in response to the user loyalty boosting strategy arising from the creation of digital, financial and non-financial services, which, unlike traditional banking do not necessarily involve somebody registering as a banking customer. During the past year, a huge amount of digital content and services has been launched on the platform that have attracted a great deal of interest among the imaginer community, based on six major subject areas: sustainability (imaginPlanet), solidarity (imaginChangers), music (imaginMusic), videogames (imaginGames), trends (imaginCafé) and technology (imaginShop).

Solid commitment to sustainability

Among the imaginer community, sustainability is one of the fields that generates the most interest, interaction and involvement of users. Through imaginPlanet, imagin implements a full line of sustainability-based products, services, agreements and initiatives that create a positive impact for the planet and society as a whole. As a result of such actions, imaginPlanet has succeeded in boosting tree plantations to offset upwards of 100 tons of CO2, collecting 1,000 kilograms of plastics and more than 40,000 imaginers have joined in saving on food waste through the partnership with “Too Good To Go”.

This commitment to sustainability, which is part of imagin's strategy and is delivered across  the entire business model, has earned the platform a B Corp certification. This guarantees the company's compliance with the highest standards of social and environmental performance, public transparency and corporate responsibility to balance economic benefit with social purpose.

Besides supporting environmental causes, one of the projects that has had the greatest impact on the imagin community is imaginChangers, the programme that enables imagin users to take part in digital volunteering actions through their mobile devices and support charity projects with financial donations.

Digital financial services

At the financial level, the imagin application develops digital products offered to meet the saving and financing needs of users. In all cases, imagin has the key features for the digital native public: mobile only banking (the services are provided exclusively through the app, with no branches and no website, which solely fulfils an informative purpose), with no fees for the user and its own simple and clear language, especially suited to directly communicating with young people.

The imagin offering includes two further applications according to the age of users: imaginKids (intended for children from 0 to 11 years of age and highly focused towards financial education through games), imaginTeens (designed for adolescents between 12 and 17 years of age, with content and services intended for young people who are beginning to require solutions for their first purchases and to start out in managing their personal finances).

 

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<![CDATA[CaixaBank mobilizes 31,375 million euros in sustainable financing in 2021, an increase of 150% from the previous year]]> https://blog.caixabank.es/?p=23645 2022-01-10T00:00:00.0Z 2022-01-10T00:00:00.0Z <![CDATA[CaixaBank mobilizes 31,375 million euros in sustainable financing in 2021, an increase of 150% from the previous year]]> CaixaBank has mobilised 31,375 million euros in sustainable financing in 2021. This figure, which includes both sustainable loans and bonds, is 150.8% higher than the previous year.

In the category of sustainable loans, CaixaBank closed 105 transactions worth 11,595 million euros in 2021. This figure represents an 131% increase on 2020 and marks a new record for the bank in this area of activity.

Sustainable loans fall into three categories: green loans, which have a direct positive environmental impact; social loans, when the use of the funds has an impact on social variables, such as health or education; and ESG-Linked loans, which aim to incentivise the company's achievement of sustainable goals.

In 2021, CaixaBank closed 68 ESG-Linked transactions worth 6,113 million euros. Among them stands out the participation in Acciona's sustainable syndicated loan for 3,300 million euros, which is the largest sustainable financing transaction in Spain to date, and Acciona Energía's inaugural project. The syndicated loans signed by Atresmedia, Applus and Europastry, all three pioneers in their respective sectors, are also noteworthy. The syndicated loans granted to Cementos Molins, Naturgy, Roca and Endesa also stood out for the implementation of innovative structures, which have contributed to driving activity in this market. In all these transactions, CaixaBank acted as Sustainability Coordinator and Agent, supporting customers in designing the transactions.

With regard to ESG-Linked financing within the scope of transactional banking, CaixaBank has introduced these environmental, social and governance variables into products such as factoring, reverse factoring, guarantees and credit facilities. In this category, it has completed 15 transactions worth 4,188 million euros, among which the transactions signed with Endesa, Arval, Siemens Gamesa and Gestamp are the most prominent.

Furthermore, CaixaBank issued 22 green loans for an amount of 1,294 million euros in 2021. Within this category, it is worth highlighting the financing granted in February to the Barcelona Metropolitan Area to finance its sustainable mobility programme; and the financing of renewable energy projects, such as Cúbico's initiative to refinance two solar energy projects in the south of Spain, and Dogger Bank, the world's largest offshore wind farm that is being built in the United Kingdom.

ESG bond issues

ESG bonds fall into four categories: green bonds, when they have a positive environmental impact; social bonds, if they have an impact on social improvements, such as health, education or public transportation; sustainable bonds, which combine green and social variables; and sustainability-linked bonds, which link the bond's conditions to the achievement of sustainable goals by the company.

In 2021, CaixaBank participated as bookrunner in the issuance of 18 ESG bonds, resulting in the placement of 16,200 million euros, excluding own issuances. With regard to green bonds, 8,030 million euros were issued, including those for Acciona Energía, Adif and Red Eléctrica.

In sustainable bonds, the issuances of the Community of Madrid, the Basque Government, Junta de Andalucía or Telefónica stand out. CaixaBank's participation in sustainable bonds has reached 4,500 million euros. In sustainability-linked bonds, those of Enel or ASTM are worth noting.

In 2021, CaixaBank issued four own bonds worth 3,500 million euros under the framework of green and social bonds to support the United Nations Sustainable Development Goals. These four bonds add to the three issued in 2019 and 2020, making CaixaBank the European bank with the largest volume of own ESG bonds issued in euros, with a total of seven issuances - four green and three social - standing at an aggregate value of 6,000 million euros and 500 million pounds sterling respectively.

Adding own and third-party ESG bonds, CaixaBank mobilised 19,780 million euros in 2021, an increase of 164% on the previous year.

Sixth position in sustainable financing in Europe

CaixaBank closed the 2021 financial year as the sixth bank in sustainable financing in Europe, according to the Refinitiv ranking, and is the highest ranking Spanish bank in the Top Tier Lender classification.

The bank has consolidated itself as the Spanish market leader and has become one of the benchmarks in sustainable financing worldwide. At an international level, CaixaBank has participated in transactions in 14 countries. These include the Transport Light Rail in Sydney, which represented the first sustainable financing transaction signed by the bank in Australia; the financing of Vineyard Wind, a wind project led by Avangrid and CIP in the United States; and the Fargo project, driven by Acciona and involving the construction of an innovative infrastructure designed for climate change adaptation in North Dakota and Minnesota. These two transactions were recently recognised as Deal of the Year Global and Deal of the Year Américas, respectively, by PFI (Project Finance International).

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CaixaBank has mobilised 31,375 million euros in sustainable financing in 2021. This figure, which includes both sustainable loans and bonds, is 150.8% higher than the previous year.

In the category of sustainable loans, CaixaBank closed 105 transactions worth 11,595 million euros in 2021. This figure represents an 131% increase on 2020 and marks a new record for the bank in this area of activity.

Sustainable loans fall into three categories: green loans, which have a direct positive environmental impact; social loans, when the use of the funds has an impact on social variables, such as health or education; and ESG-Linked loans, which aim to incentivise the company's achievement of sustainable goals.

In 2021, CaixaBank closed 68 ESG-Linked transactions worth 6,113 million euros. Among them stands out the participation in Acciona's sustainable syndicated loan for 3,300 million euros, which is the largest sustainable financing transaction in Spain to date, and Acciona Energía's inaugural project. The syndicated loans signed by Atresmedia, Applus and Europastry, all three pioneers in their respective sectors, are also noteworthy. The syndicated loans granted to Cementos Molins, Naturgy, Roca and Endesa also stood out for the implementation of innovative structures, which have contributed to driving activity in this market. In all these transactions, CaixaBank acted as Sustainability Coordinator and Agent, supporting customers in designing the transactions.

With regard to ESG-Linked financing within the scope of transactional banking, CaixaBank has introduced these environmental, social and governance variables into products such as factoring, reverse factoring, guarantees and credit facilities. In this category, it has completed 15 transactions worth 4,188 million euros, among which the transactions signed with Endesa, Arval, Siemens Gamesa and Gestamp are the most prominent.

Furthermore, CaixaBank issued 22 green loans for an amount of 1,294 million euros in 2021. Within this category, it is worth highlighting the financing granted in February to the Barcelona Metropolitan Area to finance its sustainable mobility programme; and the financing of renewable energy projects, such as Cúbico's initiative to refinance two solar energy projects in the south of Spain, and Dogger Bank, the world's largest offshore wind farm that is being built in the United Kingdom.

ESG bond issues

ESG bonds fall into four categories: green bonds, when they have a positive environmental impact; social bonds, if they have an impact on social improvements, such as health, education or public transportation; sustainable bonds, which combine green and social variables; and sustainability-linked bonds, which link the bond's conditions to the achievement of sustainable goals by the company.

In 2021, CaixaBank participated as bookrunner in the issuance of 18 ESG bonds, resulting in the placement of 16,200 million euros, excluding own issuances. With regard to green bonds, 8,030 million euros were issued, including those for Acciona Energía, Adif and Red Eléctrica.

In sustainable bonds, the issuances of the Community of Madrid, the Basque Government, Junta de Andalucía or Telefónica stand out. CaixaBank's participation in sustainable bonds has reached 4,500 million euros. In sustainability-linked bonds, those of Enel or ASTM are worth noting.

In 2021, CaixaBank issued four own bonds worth 3,500 million euros under the framework of green and social bonds to support the United Nations Sustainable Development Goals. These four bonds add to the three issued in 2019 and 2020, making CaixaBank the European bank with the largest volume of own ESG bonds issued in euros, with a total of seven issuances - four green and three social - standing at an aggregate value of 6,000 million euros and 500 million pounds sterling respectively.

Adding own and third-party ESG bonds, CaixaBank mobilised 19,780 million euros in 2021, an increase of 164% on the previous year.

Sixth position in sustainable financing in Europe

CaixaBank closed the 2021 financial year as the sixth bank in sustainable financing in Europe, according to the Refinitiv ranking, and is the highest ranking Spanish bank in the Top Tier Lender classification.

The bank has consolidated itself as the Spanish market leader and has become one of the benchmarks in sustainable financing worldwide. At an international level, CaixaBank has participated in transactions in 14 countries. These include the Transport Light Rail in Sydney, which represented the first sustainable financing transaction signed by the bank in Australia; the financing of Vineyard Wind, a wind project led by Avangrid and CIP in the United States; and the Fargo project, driven by Acciona and involving the construction of an innovative infrastructure designed for climate change adaptation in North Dakota and Minnesota. These two transactions were recently recognised as Deal of the Year Global and Deal of the Year Américas, respectively, by PFI (Project Finance International).

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<![CDATA[CaixaBank consolidates its business in Southeast and Central Asia on the tenth anniversary of its representative offices in India and Singapore]]> https://blog.caixabank.es/?p=23645 2021-12-30T00:00:00.0Z 2021-12-30T00:00:00.0Z <![CDATA[CaixaBank consolidates its business in Southeast and Central Asia on the tenth anniversary of its representative offices in India and Singapore]]> CaixaBank celebrates its tenth anniversary of opening its offices in India and Singapore by consolidating its business in Southeast and Central Asia with market shares above 30% in import and export documentary letters of credit and in guarantees managed between Spain and the region, comprising 16 countries.

In Singapore, CaixaBank shows record-breaking market figures for the bank. As of the end of October 2021, the representative office in Singapore held a market share of 34.5% in Export Documentary Letters of Credit, 29.8% in Import Documentary Letters of Credit and 33% in guarantees managed between Spain and the countries covered by the office.

On the other hand, in India, where CaixaBank has a representative branch in New Delhi, the bank held a market share of 33.1% in Export Documentary Letters of Credit, 33.6% in Import Documentary Letters of Credit and 39.5% in guarantees managed as of the end of October 2021.

CaixaBank in Southeast Asia

CaixaBank has been operating in Singapore since 2011, as part of its commitment to being present in the world's main financial hubs. This representative office provides support services to CaixaBank business customers in their foreign trade and investment activity in 11 countries from the region: Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, Laos, Myanmar, Brunei and South Korea.

In its 10 years operating in Southeast Asia, the office has partaken in several flagship projects led by Spanish companies in the infrastructure and service sectors. It has local contact points in most of the sectors in which Spanish companies have interest, and it boasts an extensive network of correspondent banks in the region. CaixaBank is a benchmark bank in the Trade Finance Programmes of the Asian Development Bank (ADB) and the International Finance Corporation (IFC).

CaixaBank in India

CaixaBank opened its representative office in New Delhi in 2011, and since then, has strengthened its relationship with the country with the signing in 2016 of a collaboration agreement with the State Bank of India (SBI), making it a strategic banking partner for CaixaBank in the region.

This representative office in India offers foreign trade and investment services and support to CaixaBank business customers with interests in the region, as well as to Indian companies. It also provides services from the New Delhi office to other neighbouring countries, such as Bangladesh, Sri Lanka, Nepal and Maldives.

In its 10-year presence in the country, CaixaBank has participated in several projects led by Spanish companies in the infrastructure, energy and service sectors, among others. When it comes to sustainable financing, the financing operation agreed in 2018 to install 30 wind turbines in a wind farm in the Tamil Nadu region stands out. This wind farm supplies energy to this southern region of the country, and it is contributing to the revitalisation of the local economy and to the creation of jobs, prioritising the hiring of people in vulnerable situations.

CaixaBank's international presence 

CaixaBank's international presence is channelled in different ways: through its International Banking network of branches and representative offices, all over the world; through cooperation agreements with first-rate international banks; and with stakes in international companies. The financial institution owns Portugal's Banco BPI, the fourth largest financial institution operating in Portugal in terms of assets. 

CaixaBank's International Banking offers support to customers of the branch network, CIB and Business Banking that operate abroad, as well as to local large corporates, thanks to its global outreach with over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

CaixaBank's CIB & IB network comprises branches in Germany, France, Morocco, Poland, Portugal, the United Kingdom, all of them, with the exception of Portugal, authorised by the Spanish and local regulator to provide certain financial services related to financing and banking services, such as short- and long-term financing, factoring, reverse factoring, and other similar activities within this scope.

The institution also has 18 representative offices on all five continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank business customers in these markets. 

The representative offices offer advice to multinational enterprises with subsidiaries in Spain, as well as to Spanish companies with projects abroad. Its main areas of coverage notably feature trade finance, payments, corporate and project finance.  

CaixaBank's International Banking network is the only AENOR-certified international banking network in Spain.

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CaixaBank celebrates its tenth anniversary of opening its offices in India and Singapore by consolidating its business in Southeast and Central Asia with market shares above 30% in import and export documentary letters of credit and in guarantees managed between Spain and the region, comprising 16 countries.

In Singapore, CaixaBank shows record-breaking market figures for the bank. As of the end of October 2021, the representative office in Singapore held a market share of 34.5% in Export Documentary Letters of Credit, 29.8% in Import Documentary Letters of Credit and 33% in guarantees managed between Spain and the countries covered by the office.

On the other hand, in India, where CaixaBank has a representative branch in New Delhi, the bank held a market share of 33.1% in Export Documentary Letters of Credit, 33.6% in Import Documentary Letters of Credit and 39.5% in guarantees managed as of the end of October 2021.

CaixaBank in Southeast Asia

CaixaBank has been operating in Singapore since 2011, as part of its commitment to being present in the world's main financial hubs. This representative office provides support services to CaixaBank business customers in their foreign trade and investment activity in 11 countries from the region: Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, Laos, Myanmar, Brunei and South Korea.

In its 10 years operating in Southeast Asia, the office has partaken in several flagship projects led by Spanish companies in the infrastructure and service sectors. It has local contact points in most of the sectors in which Spanish companies have interest, and it boasts an extensive network of correspondent banks in the region. CaixaBank is a benchmark bank in the Trade Finance Programmes of the Asian Development Bank (ADB) and the International Finance Corporation (IFC).

CaixaBank in India

CaixaBank opened its representative office in New Delhi in 2011, and since then, has strengthened its relationship with the country with the signing in 2016 of a collaboration agreement with the State Bank of India (SBI), making it a strategic banking partner for CaixaBank in the region.

This representative office in India offers foreign trade and investment services and support to CaixaBank business customers with interests in the region, as well as to Indian companies. It also provides services from the New Delhi office to other neighbouring countries, such as Bangladesh, Sri Lanka, Nepal and Maldives.

In its 10-year presence in the country, CaixaBank has participated in several projects led by Spanish companies in the infrastructure, energy and service sectors, among others. When it comes to sustainable financing, the financing operation agreed in 2018 to install 30 wind turbines in a wind farm in the Tamil Nadu region stands out. This wind farm supplies energy to this southern region of the country, and it is contributing to the revitalisation of the local economy and to the creation of jobs, prioritising the hiring of people in vulnerable situations.

CaixaBank's international presence 

CaixaBank's international presence is channelled in different ways: through its International Banking network of branches and representative offices, all over the world; through cooperation agreements with first-rate international banks; and with stakes in international companies. The financial institution owns Portugal's Banco BPI, the fourth largest financial institution operating in Portugal in terms of assets. 

CaixaBank's International Banking offers support to customers of the branch network, CIB and Business Banking that operate abroad, as well as to local large corporates, thanks to its global outreach with over 150 professionals, 27 international service points and agreements with more than 1,760 correspondent banks.

CaixaBank's CIB & IB network comprises branches in Germany, France, Morocco, Poland, Portugal, the United Kingdom, all of them, with the exception of Portugal, authorised by the Spanish and local regulator to provide certain financial services related to financing and banking services, such as short- and long-term financing, factoring, reverse factoring, and other similar activities within this scope.

The institution also has 18 representative offices on all five continents: Milan (Italy), Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada). It also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank business customers in these markets. 

The representative offices offer advice to multinational enterprises with subsidiaries in Spain, as well as to Spanish companies with projects abroad. Its main areas of coverage notably feature trade finance, payments, corporate and project finance.  

CaixaBank's International Banking network is the only AENOR-certified international banking network in Spain.

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