<![CDATA[CaixaBank - Communication]]> https://www.caixabank.com/aplnr/comunicacion/buscador/servicio.noticiasRSS_en.html WordPress <![CDATA[CaixaBank and Bankia Boards of Directors approve merger plan to create Spain’s leading bank]]> https://blog.caixabank.es/?p=23645 2020-09-18T00:00:00.0Z 2020-09-18T00:00:00.0Z <![CDATA[CaixaBank and Bankia Boards of Directors approve merger plan to create Spain’s leading bank]]> The Boards of Directors of CaixaBank and Bankia have approved the plan for the merger by absorption of Bankia by CaixaBank, which consists of an exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share.

The operation signifies the creation of the leading bank in the Spanish financial system, one with a widespread and balanced territorial presence and the resources and capacity to face the challenges of the industry.

The new entity, which will maintain the CaixaBank brand, is to be founded with the aim of adding value to customers, improving profitability for shareholders and continuing to support Spain's economic recovery.

Once the due diligence process has been completed by both entities, and the plan for the merger by absorption has been approved by both Boards of Directors, the next step requires both Boards’ approval of the merger reports, as well as the calls for the General Shareholders' Meetings, which are scheduled to take place in November.

The operation is expected to close during the first quarter of 2021, once all the relevant regulatory authorisations are received from the Ministry of Economic Affairs and Digital Transformation, the National Commission of Markets and Competition, as well as non-opposition confirmed from the Directorate-General for Insurance and Pension Funds, the Spanish Securities and Stock Exchange Commission (CNMV) and the Bank of Spain for CaixaBank’s acquisition of significant holdings in a company subject to their supervision.

Details of the operation

The Boards of Directors of both banks have approved the exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share. The agreed price includes a premium of 20% over the exchange ratio at the closing of3rd September, before the market was notified of the negotiations around the operation. In addition, it represents a premium of 28% over the average exchange ratio of the last three months.

If the total number of outstanding Bankia shares that could be exchanged is taken into account, the maximum number of CaixaBank shares to issue in order to meet the merger exchange amounts to 2,079,209,002 CaixaBank ordinary shares, each with a nominal value of one euro, a figure that could be adjusted based on Bankia's treasury stock.

The established exchange assumes that CaixaBank shareholders will initially represent 74.2% of the capital of the new entity, and those of Bankia will make up 25.8%.  CriteriaCaixa, an entity 100% controlled by the "la Caixa" Banking Foundation, will remain as CaixaBank's reference shareholder with around 30% of the shareholding, while the FROB (Fund for Orderly Bank Restructuring) will hold 16.1%.

The remaining shareholding structure of the combined entity consists of 54% free float (shares listed on the stock market), 37% of which belongs to institutional investors and 17% to the retail market.

Morgan Stanley and Rothschild, CaixaBank's and Bankia's respective financial advisers, issued their fairness opinion yesterday in which they concluded that the proposed exchange rate is reasonable from a financial point of view and in current market conditions.

The combined entity resulting from the merger will be chaired by José Ignacio Goirigolzarri, Bankia's current chairman, once he is appointed by the new CaixaBank Board of Directors. The chairman, who will be an executive director, will be responsible for the areas of Secretary of the Board, External Communication, Institutional Relations and Internal Auditing (notwithstanding that this area shall remain accountable to the Audit and Control Committee).

The current CEO of CaixaBank, Gonzalo Gortázar, will continue as chief executive of the resulting entity reporting directly to the Board of Directors, having responsibility for all areas not included in the above paragraph and chairing the Management Committee.

José Ignacio Goirigolzarri has remarked, “with this operation, we will become the leading Spanish bank at a time when it is more necessary than ever to create entities with a significant size, thus contributing to supporting the needs of families and companies, and to reinforcing the strength of the financial system”. “The new entity will continue to carry out the best corporate governance practices.”

Gonzalo Gortázar has stressed that "the merger will allow us to face the challenges of the next 10 years with greater scale, financial strength and profitability, which will result in greater value for our shareholders, more opportunities for our employees, better service to our clients and a greater capacity to support Spain’s economic recovery."

Board of Directors

On the other hand, the composition of the entity's Board of Directors has also been defined, which will be submitted for approval at the General Shareholders' Meetings and which will continue to comply with best practice in corporate governance.

The proposed composition of the new Board of Directors, comprising 15 members, is as follows:

  • Tomás Muniesa Arantegui, currently a proprietary director of CaixaBank, appointed at the proposal of CriteriaCaixa.
  • José Serna Masiá, currently a proprietary director of CaixaBank, appointed at the proposal of CriteriaCaixa.
  • Gonzalo Gortázar Rotaeche, currently executive director and CEO of CaixaBank.
  • María Verónica Fisas Vergés, currently an independent director of CaixaBank.
  • Cristina Garmendia Mendizábal, currently an independent director of CaixaBank.
  • María Amparo Moraleda Martínez, currently an independent director of CaixaBank.
  • Eduardo Javier Sanchiz Irazu, currently an independent director of CaixaBank.
  • John Shepard Reed, currently an independent director of CaixaBank.
  • Koro Usarraga Unsain, currently an independent director of CaixaBank.
  • José Ignacio Goirigolzarri Tellaeche, currently executive director and chairman of the Board of Directors of Bankia.
  • Joaquín Ayuso García, currently an independent director of Bankia.
  • Francisco Javier Campo García, currently an independent director of Bankia.
  • Eva Castillo Sanz, currently an independent director of Bankia.
  • A director proposed by BFA Tenedora de Acciones, S.A., who will join as a proprietary director.
  • Fernando María Costa Duarte Ulrich, who will join as ‘another external director’. He is currently the non-executive president of BPI.


Out of the 15 members, two will be executive directors, two will be appointed at the proposal of Criteria Caixa, one will be appointed at the proposal of BFA Tenedora de Acciones, S.A., six will be appointed independent directors at the proposal of CaixaBank and three will be appointed independent directors at the proposal of Bankia. Fernando María Costa Duarte Ulrich will join as ‘another external director’.

Independent directors will represent 60% of the total number of directors and the representation of women on the Board of Directors stands at 33%.

Creation of the prominent leader of the Spanish financial

The combined entity's total assets will exceed €664 billion, a volume that will make it the largest bank in the domestic market, with an important position at a European level and a market capitalisation of over €16 billion.

The new Group will consolidate its leadership in the retail banking sector in Spain, with more than 20 million customers and a top-ranking market share in all key products: deposits (24%), loans (25%) and long-term savings products (29%), which includes savings insurance, investment funds and pension plans.

As a result, the bank will achieve a balanced and diversified geographical presence, with the most extensive and specialised network of branches in the sector, and a continued commitment from both CaixaBank and Bankia to maintaining the close relationship with the regional territories and to supporting financial inclusion. The combined entity will have presence in approximately 2,200 municipalities, and it will be the only bank operating in 290 of them.

The network's capillarity, together with its digital capacity –10 million digital customers in Spain–, will enable the bank to continue enhancing customer experience.

The operation's rationale

This operation is a project that will create value for customers and shareholders by increasing levels of efficiency and profitability, stemming from an excellent and highly diversified customer base, both geographically and in terms of activity, with access to the best product and service offering and a unique distribution platform.

The operation will generate new forms of income following the renegotiation of agreements entered by Bankia in the insurance sector and thanks to the ability to offer a wider and better quality portfolio of products and services to a larger customer base. Over a period of five years, the combined entity is expected to progressively generate revenue synergies amounting to €290 million annually.

Furthermore, its estimate points towards achieving annual recurring cost savings of €770 million (fully achieved by 2023), which will considerably increase the cost-to-income ratio up to highly competitive levels (pro forma cost-to-income ratio of 47.9% at 2019, including the full synergistic effect).

A sector reference in terms of balance sheet quality

Following additional write-downs resulting from the operation, the combined entity will show the lowest non-performing loan ratio in Spain of 4.1%, and a comfortable coverage of 64%, one of the highest among the main Spanish banks.

Moreover, CaixaBank's and Bankia's solid equity position will provide the capacity to absorb restructuring costs and valuation adjustments, with the combined entity achieving a CET1 ratio of 11.6%, which is a very broad margin –310 basis points– above regulatory requirements. Its strong liquidity position (€128 billion), which will continue to be the entity's hallmark, will aid economic recovery through credit growth.

The generation of synergies will improve the expected return, with a RoTE estimated by market consensus of above 8% in 2022.

]]>
The Boards of Directors of CaixaBank and Bankia have approved the plan for the merger by absorption of Bankia by CaixaBank, which consists of an exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share.

The operation signifies the creation of the leading bank in the Spanish financial system, one with a widespread and balanced territorial presence and the resources and capacity to face the challenges of the industry.

The new entity, which will maintain the CaixaBank brand, is to be founded with the aim of adding value to customers, improving profitability for shareholders and continuing to support Spain's economic recovery.

Once the due diligence process has been completed by both entities, and the plan for the merger by absorption has been approved by both Boards of Directors, the next step requires both Boards’ approval of the merger reports, as well as the calls for the General Shareholders' Meetings, which are scheduled to take place in November.

The operation is expected to close during the first quarter of 2021, once all the relevant regulatory authorisations are received from the Ministry of Economic Affairs and Digital Transformation, the National Commission of Markets and Competition, as well as non-opposition confirmed from the Directorate-General for Insurance and Pension Funds, the Spanish Securities and Stock Exchange Commission (CNMV) and the Bank of Spain for CaixaBank’s acquisition of significant holdings in a company subject to their supervision.

Details of the operation

The Boards of Directors of both banks have approved the exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share. The agreed price includes a premium of 20% over the exchange ratio at the closing of3rd September, before the market was notified of the negotiations around the operation. In addition, it represents a premium of 28% over the average exchange ratio of the last three months.

If the total number of outstanding Bankia shares that could be exchanged is taken into account, the maximum number of CaixaBank shares to issue in order to meet the merger exchange amounts to 2,079,209,002 CaixaBank ordinary shares, each with a nominal value of one euro, a figure that could be adjusted based on Bankia's treasury stock.

The established exchange assumes that CaixaBank shareholders will initially represent 74.2% of the capital of the new entity, and those of Bankia will make up 25.8%.  CriteriaCaixa, an entity 100% controlled by the "la Caixa" Banking Foundation, will remain as CaixaBank's reference shareholder with around 30% of the shareholding, while the FROB (Fund for Orderly Bank Restructuring) will hold 16.1%.

The remaining shareholding structure of the combined entity consists of 54% free float (shares listed on the stock market), 37% of which belongs to institutional investors and 17% to the retail market.

Morgan Stanley and Rothschild, CaixaBank's and Bankia's respective financial advisers, issued their fairness opinion yesterday in which they concluded that the proposed exchange rate is reasonable from a financial point of view and in current market conditions.

The combined entity resulting from the merger will be chaired by José Ignacio Goirigolzarri, Bankia's current chairman, once he is appointed by the new CaixaBank Board of Directors. The chairman, who will be an executive director, will be responsible for the areas of Secretary of the Board, External Communication, Institutional Relations and Internal Auditing (notwithstanding that this area shall remain accountable to the Audit and Control Committee).

The current CEO of CaixaBank, Gonzalo Gortázar, will continue as chief executive of the resulting entity reporting directly to the Board of Directors, having responsibility for all areas not included in the above paragraph and chairing the Management Committee.

José Ignacio Goirigolzarri has remarked, “with this operation, we will become the leading Spanish bank at a time when it is more necessary than ever to create entities with a significant size, thus contributing to supporting the needs of families and companies, and to reinforcing the strength of the financial system”. “The new entity will continue to carry out the best corporate governance practices.”

Gonzalo Gortázar has stressed that "the merger will allow us to face the challenges of the next 10 years with greater scale, financial strength and profitability, which will result in greater value for our shareholders, more opportunities for our employees, better service to our clients and a greater capacity to support Spain’s economic recovery."

Board of Directors

On the other hand, the composition of the entity's Board of Directors has also been defined, which will be submitted for approval at the General Shareholders' Meetings and which will continue to comply with best practice in corporate governance.

The proposed composition of the new Board of Directors, comprising 15 members, is as follows:

  • Tomás Muniesa Arantegui, currently a proprietary director of CaixaBank, appointed at the proposal of CriteriaCaixa.
  • José Serna Masiá, currently a proprietary director of CaixaBank, appointed at the proposal of CriteriaCaixa.
  • Gonzalo Gortázar Rotaeche, currently executive director and CEO of CaixaBank.
  • María Verónica Fisas Vergés, currently an independent director of CaixaBank.
  • Cristina Garmendia Mendizábal, currently an independent director of CaixaBank.
  • María Amparo Moraleda Martínez, currently an independent director of CaixaBank.
  • Eduardo Javier Sanchiz Irazu, currently an independent director of CaixaBank.
  • John Shepard Reed, currently an independent director of CaixaBank.
  • Koro Usarraga Unsain, currently an independent director of CaixaBank.
  • José Ignacio Goirigolzarri Tellaeche, currently executive director and chairman of the Board of Directors of Bankia.
  • Joaquín Ayuso García, currently an independent director of Bankia.
  • Francisco Javier Campo García, currently an independent director of Bankia.
  • Eva Castillo Sanz, currently an independent director of Bankia.
  • A director proposed by BFA Tenedora de Acciones, S.A., who will join as a proprietary director.
  • Fernando María Costa Duarte Ulrich, who will join as ‘another external director’. He is currently the non-executive president of BPI.


Out of the 15 members, two will be executive directors, two will be appointed at the proposal of Criteria Caixa, one will be appointed at the proposal of BFA Tenedora de Acciones, S.A., six will be appointed independent directors at the proposal of CaixaBank and three will be appointed independent directors at the proposal of Bankia. Fernando María Costa Duarte Ulrich will join as ‘another external director’.

Independent directors will represent 60% of the total number of directors and the representation of women on the Board of Directors stands at 33%.

Creation of the prominent leader of the Spanish financial

The combined entity's total assets will exceed €664 billion, a volume that will make it the largest bank in the domestic market, with an important position at a European level and a market capitalisation of over €16 billion.

The new Group will consolidate its leadership in the retail banking sector in Spain, with more than 20 million customers and a top-ranking market share in all key products: deposits (24%), loans (25%) and long-term savings products (29%), which includes savings insurance, investment funds and pension plans.

As a result, the bank will achieve a balanced and diversified geographical presence, with the most extensive and specialised network of branches in the sector, and a continued commitment from both CaixaBank and Bankia to maintaining the close relationship with the regional territories and to supporting financial inclusion. The combined entity will have presence in approximately 2,200 municipalities, and it will be the only bank operating in 290 of them.

The network's capillarity, together with its digital capacity –10 million digital customers in Spain–, will enable the bank to continue enhancing customer experience.

The operation's rationale

This operation is a project that will create value for customers and shareholders by increasing levels of efficiency and profitability, stemming from an excellent and highly diversified customer base, both geographically and in terms of activity, with access to the best product and service offering and a unique distribution platform.

The operation will generate new forms of income following the renegotiation of agreements entered by Bankia in the insurance sector and thanks to the ability to offer a wider and better quality portfolio of products and services to a larger customer base. Over a period of five years, the combined entity is expected to progressively generate revenue synergies amounting to €290 million annually.

Furthermore, its estimate points towards achieving annual recurring cost savings of €770 million (fully achieved by 2023), which will considerably increase the cost-to-income ratio up to highly competitive levels (pro forma cost-to-income ratio of 47.9% at 2019, including the full synergistic effect).

A sector reference in terms of balance sheet quality

Following additional write-downs resulting from the operation, the combined entity will show the lowest non-performing loan ratio in Spain of 4.1%, and a comfortable coverage of 64%, one of the highest among the main Spanish banks.

Moreover, CaixaBank's and Bankia's solid equity position will provide the capacity to absorb restructuring costs and valuation adjustments, with the combined entity achieving a CET1 ratio of 11.6%, which is a very broad margin –310 basis points– above regulatory requirements. Its strong liquidity position (€128 billion), which will continue to be the entity's hallmark, will aid economic recovery through credit growth.

The generation of synergies will improve the expected return, with a RoTE estimated by market consensus of above 8% in 2022.

]]>
0
<![CDATA[Consejos para evitar fraudes a tu empresa]]> https://blog.caixabank.es/?p=23645 2020-09-17T06:26:21.0Z 2020-09-17T06:26:21.0Z <![CDATA[Consejos para evitar fraudes a tu empresa]]> 0 <![CDATA[CaixaBank recognises the professional careers of Spanish female entrepreneurs, at a gathering with other worldwide leaders at its \"Women in Business Awards 2020\"]]> https://blog.caixabank.es/?p=23645 2020-09-11T00:00:00.0Z 2020-09-11T00:00:00.0Z <![CDATA[CaixaBank recognises the professional careers of Spanish female entrepreneurs, at a gathering with other worldwide leaders at its \"Women in Business Awards 2020\"]]> CaixaBank, Spain’s leading retail bank, is now welcoming the submission of candidacies for the fourth edition of the CaixaBank Women in Business Awards, that recognise the talent and the professional excellence of female entrepreneurs in Spain with standout careers, strategic vision, and transformative innovation and leadership skills; and they promote networking between worldwide business leaders.

The awards have been consolidated in recent years for the recognition they provide of workplace diversity and contribution to promoting gender equality in Spanish society.

The winner of the CaixaBank Women in Business Award is one of the two Spanish representatives at the 2020 IWEC Awards, within the framework of the International Women’s Entrepreneurial Challenge (IWEC), a worldwide network of female business leaders who cooperate on a global level to create and distribute business wealth. The IWEC Awards will be delivered within the framework of IWEC Annual Conference which, in 2020, will be held for the first time at a virtual ceremony in order to adapt to the new situation arising from COVID-19.

In a new feature for the awards this year, all the winners are invited to be part of the new “CaixaBank Women in Business Community” on LinkedIn, with gathers the winning entrepreneurs of all the editions of the "CaixaBank Women in Business Awards” and puts them in touch with other networks of businesswomen in Spain and internationally, such as IWEC, the International Women's Forum, Vital Voices and EJE&CON. 

The "CaixaBank Women in Business Community" offers an extensive repository of information on female business and leadership, adapted to the interests of participants, and enables a participatory forum in which businesswomen can exchange knowledge and experience, learning from the best practices that have been adopted in each of the businesses represented. The platform also offers access to exclusive experiences driven by CaixaBank, as was the case of the virtual Disruptive Innovation session offered by the renowned chef, Ferran Adrià, in July.

Term open until 7 October

Candidacies for the "CaixaBank Women in Business Awards" can be submitted until 7 October. The candidates must fulfil the conditions established by IWEC, including being majority shareholders of their company and being actively involved in the daily operations of the business. Furthermore, the company must be at least three years old, have a minimum annual earnings equivalent to 1.5 million dollars and show a commitment to honesty, equity, objectivity and accountability.

In the regional phase, the jury of the awards, comprising managers from CaixaBank, will recognise one female manager for each of the bank's 11 regional management areas, and between them, the representative for the IWEC awards will be chosen, succeeding Inés Juste, chair of the Juste Group; Rocío Hervella, founder and CEO of Prosol; and Arancha Manzanares, deputy chair of Ayesa, former Spanish representatives for the international IWEC Awards, through CaixaBank.

CaixaBank has also taken its “Women in Business Awards” to its subsidiary BPI, with the aim of also championing diversity and gender equality in Portugal, recognising the careers of business leaders in the country. The winner is the Portuguese representative for the IWEC awards from BPI.

Since the creation of the IWEC awards, 411 women from 42 countries have been awarded, whose companies have a total turnover of 35.5 billion dollars and employ more than 348,200 people. 

CaixaBank's Wengage programme, the institution's commitment to equality

Diversity, meritocracy, equal opportunities and talent recognition are some of the pillars of CaixaBank's corporate culture. Under these premises, it works with a commitment to be a pacesetter for its employees, promoting inclusion and participation and bolstering projects that promote equality, both within the company and across the whole of society. In fact, 41.3% of management positions in CaixaBank are held by women, with a public commitment to increase this figure to 43% in 2021, and with a 40% proportion of women on its Board of Directors, one of the highest in the sector.

CaixaBank's Wengage diversity programme is a cross-disciplinary project developed by people from all areas of CaixaBank, based on meritocracy and the promotion of equal opportunities, which works to foster and visualise gender, functional and generational diversity. Wengage includes internal measures to foster flexibility and work-life balance, to raise awareness regarding diversity and strengthen the role of women, with training programmes and female mentoring plans, through which female managers will guide other professionals in developing their careers. 

Wengage also develops external initiatives for customers and society, based on championing the diversity and equal opportunities in three fields of action: leadership and enterprise; innovation and education; and sport.

Furthermore, in January 2020, CaixaBank signed an Equality Plan to promote the principles of equal opportunities and diversity in work teams, increase the presence of women in management positions and strengthen measures to enhance the work-life balance. The plan features the scope of gender in managerial development programs and in recruitment and training processes, and the fostering of teleworking and flexibility. 

Thanks to this commitment, CaixaBank has distinctions such as being included in the Bloomberg 2020 Gender-Equality Index, the Equality in Business Badge (DIE), managed by the Institute of Women, and has been recognised by the Másfamilia Foundation with the EFR Certification (Family Responsible Company). It has received various recognitions, such as the 25th anniversary of the FEDEPE Award (The Spanish Federation of Female Managers, Executives, Professionals and Entrepreneurs). It also features on the EWoB Gender Diversity Index.

CaixaBank is associated with the international programme Target Gender Equality and the Women’s Empowerment Principles, of the United Nations; the Voluntary Agreement with the Ministry of Health, Social Services and Equality, 'More women, better businesses', seeking better representativeness of women in management positions; and to the Diversity Charter, promoting equal opportunities and anti-discriminatory measures.

The IWEC Awards

The International Women’s Entrepreneurial Challenge (IWEC) is a worldwide network of female business leaders who nurture company ownership and cooperate on a global level with the goal of creating and distributing wealth in the business world.

Every year, within the framework of its Annual Conference, IWEC hands out prestigious awards in recognition and support of businesswomen all over the world. Among other aspects, the IWEC awards aim to increase the awareness, credibility and responsibility of businesswomen, so that they can represent a major and decisive element in the development of the 21st century global economy.

The first edition of these awards took place in Barcelona in February 2007; subsequently, they were held in New York (2008), New Delhi (2009), Cape Town (2010), New York (2011), Barcelona (2012), Lima (2013), Stockholm (2014), Istanbul (2015), Brussels (2016), Seattle (2017), Shanghai (2018), and New Delhi (2019).

]]>
CaixaBank, Spain’s leading retail bank, is now welcoming the submission of candidacies for the fourth edition of the CaixaBank Women in Business Awards, that recognise the talent and the professional excellence of female entrepreneurs in Spain with standout careers, strategic vision, and transformative innovation and leadership skills; and they promote networking between worldwide business leaders.

The awards have been consolidated in recent years for the recognition they provide of workplace diversity and contribution to promoting gender equality in Spanish society.

The winner of the CaixaBank Women in Business Award is one of the two Spanish representatives at the 2020 IWEC Awards, within the framework of the International Women’s Entrepreneurial Challenge (IWEC), a worldwide network of female business leaders who cooperate on a global level to create and distribute business wealth. The IWEC Awards will be delivered within the framework of IWEC Annual Conference which, in 2020, will be held for the first time at a virtual ceremony in order to adapt to the new situation arising from COVID-19.

In a new feature for the awards this year, all the winners are invited to be part of the new “CaixaBank Women in Business Community” on LinkedIn, with gathers the winning entrepreneurs of all the editions of the "CaixaBank Women in Business Awards” and puts them in touch with other networks of businesswomen in Spain and internationally, such as IWEC, the International Women's Forum, Vital Voices and EJE&CON. 

The "CaixaBank Women in Business Community" offers an extensive repository of information on female business and leadership, adapted to the interests of participants, and enables a participatory forum in which businesswomen can exchange knowledge and experience, learning from the best practices that have been adopted in each of the businesses represented. The platform also offers access to exclusive experiences driven by CaixaBank, as was the case of the virtual Disruptive Innovation session offered by the renowned chef, Ferran Adrià, in July.

Term open until 7 October

Candidacies for the "CaixaBank Women in Business Awards" can be submitted until 7 October. The candidates must fulfil the conditions established by IWEC, including being majority shareholders of their company and being actively involved in the daily operations of the business. Furthermore, the company must be at least three years old, have a minimum annual earnings equivalent to 1.5 million dollars and show a commitment to honesty, equity, objectivity and accountability.

In the regional phase, the jury of the awards, comprising managers from CaixaBank, will recognise one female manager for each of the bank's 11 regional management areas, and between them, the representative for the IWEC awards will be chosen, succeeding Inés Juste, chair of the Juste Group; Rocío Hervella, founder and CEO of Prosol; and Arancha Manzanares, deputy chair of Ayesa, former Spanish representatives for the international IWEC Awards, through CaixaBank.

CaixaBank has also taken its “Women in Business Awards” to its subsidiary BPI, with the aim of also championing diversity and gender equality in Portugal, recognising the careers of business leaders in the country. The winner is the Portuguese representative for the IWEC awards from BPI.

Since the creation of the IWEC awards, 411 women from 42 countries have been awarded, whose companies have a total turnover of 35.5 billion dollars and employ more than 348,200 people. 

CaixaBank's Wengage programme, the institution's commitment to equality

Diversity, meritocracy, equal opportunities and talent recognition are some of the pillars of CaixaBank's corporate culture. Under these premises, it works with a commitment to be a pacesetter for its employees, promoting inclusion and participation and bolstering projects that promote equality, both within the company and across the whole of society. In fact, 41.3% of management positions in CaixaBank are held by women, with a public commitment to increase this figure to 43% in 2021, and with a 40% proportion of women on its Board of Directors, one of the highest in the sector.

CaixaBank's Wengage diversity programme is a cross-disciplinary project developed by people from all areas of CaixaBank, based on meritocracy and the promotion of equal opportunities, which works to foster and visualise gender, functional and generational diversity. Wengage includes internal measures to foster flexibility and work-life balance, to raise awareness regarding diversity and strengthen the role of women, with training programmes and female mentoring plans, through which female managers will guide other professionals in developing their careers. 

Wengage also develops external initiatives for customers and society, based on championing the diversity and equal opportunities in three fields of action: leadership and enterprise; innovation and education; and sport.

Furthermore, in January 2020, CaixaBank signed an Equality Plan to promote the principles of equal opportunities and diversity in work teams, increase the presence of women in management positions and strengthen measures to enhance the work-life balance. The plan features the scope of gender in managerial development programs and in recruitment and training processes, and the fostering of teleworking and flexibility. 

Thanks to this commitment, CaixaBank has distinctions such as being included in the Bloomberg 2020 Gender-Equality Index, the Equality in Business Badge (DIE), managed by the Institute of Women, and has been recognised by the Másfamilia Foundation with the EFR Certification (Family Responsible Company). It has received various recognitions, such as the 25th anniversary of the FEDEPE Award (The Spanish Federation of Female Managers, Executives, Professionals and Entrepreneurs). It also features on the EWoB Gender Diversity Index.

CaixaBank is associated with the international programme Target Gender Equality and the Women’s Empowerment Principles, of the United Nations; the Voluntary Agreement with the Ministry of Health, Social Services and Equality, 'More women, better businesses', seeking better representativeness of women in management positions; and to the Diversity Charter, promoting equal opportunities and anti-discriminatory measures.

The IWEC Awards

The International Women’s Entrepreneurial Challenge (IWEC) is a worldwide network of female business leaders who nurture company ownership and cooperate on a global level with the goal of creating and distributing wealth in the business world.

Every year, within the framework of its Annual Conference, IWEC hands out prestigious awards in recognition and support of businesswomen all over the world. Among other aspects, the IWEC awards aim to increase the awareness, credibility and responsibility of businesswomen, so that they can represent a major and decisive element in the development of the 21st century global economy.

The first edition of these awards took place in Barcelona in February 2007; subsequently, they were held in New York (2008), New Delhi (2009), Cape Town (2010), New York (2011), Barcelona (2012), Lima (2013), Stockholm (2014), Istanbul (2015), Brussels (2016), Seattle (2017), Shanghai (2018), and New Delhi (2019).

]]>
0
<![CDATA[CaixaBank named “Best Consumer Bank in the World 2020” by Global Finance]]> https://blog.caixabank.es/?p=23645 2020-09-04T00:00:00.0Z 2020-09-04T00:00:00.0Z <![CDATA[CaixaBank named “Best Consumer Bank in the World 2020” by Global Finance]]> CaixaBank has been named “Best Consumer Bank in the World” for the second time in its history and the “Best Consumer Digital Bank in Spain” for the fifth consecutive year at the World’s Best Bank and World’s Best Digital Bank Awards hosted by the US magazine Global Finance. These awards acknowledge and award innovation and excellence within the scope of banking. In addition, the CaixaBankNow app has been chosen the “Best Consumer Mobile Banking App in Western Europe” for the third consecutive year.

The winners of these awards, which are in their 27th and 21st edition, respectively, have been chosen from among all the candidates by a jury consisting of the magazine's editors, and, in the digital awards, also by a panel of judges representing the technology consultancy firm Ïnfosys.

After being selected by the magazine in May as the “Best Bank in Spain” and “Best Bank in Western Europe”, CaixaBank received the global award “Best Consumer Bank in the World” for, among multiple factors, its growth and leadership in the Spanish and Portuguese markets and its financial soundness and product and service innovation.

In this respect, the results of the year 2019 have strengthened the bank's leadership in Spain, where one out of every four individual customers works with CaixaBank. In addition, it has experienced a general increase in market share in recent months, supported by the intense commercial activity, which has enabled the bank to maintain and improve its solid position as leading institution, also during the COVID-19 pandemic.

The magazine highlights CaixaBank's firm commitment towards digital transformation and innovation, which consolidates it as a leading actor in offering solutions to alleviate the economic and social effects of the coronavirus crisis. Furthermore, it has considered the banking's socially responsible business model, underlining the issue of the first social bond by a Spanish bank that supports the Sustainable Development Goals (SDGs) of the United Nations, and its commitment towards green and sustainable financing.

This year, the magazine has also named CaixaBank the “Best Consumer Digital Bank in Spain” for its commitment towards improving the customer's digital experience, the increase in digital customers, and the innovation in and functionality of its digital services, which have helped it to consolidate its leadership in digital banking in Spain and continue providing its service to its customers at all times, especially during the COVID-19 pandemic.

As a result, in recent months CaixaBank has strengthened its leadership in digital banking in Spain, by earning a 32.9% market share according to Comscore figures, reaching an all-time high of 7 million digital customers in June (website and mobile phone banking). In the second quarter the CaixaBankNow mobile phone app also exceeded 6 million users for the first time. At the end of June 2020, 64.7% of CaixaBank customers were digital, whereas at 2018 year-end they amounted to 57.3%.

In its commitment towards continuing to provide essential banking services during the pandemic, CaixaBank has promoted all remote management and digital capacities, paying special attention to CaixaBankNow, the web and mobile phone application that allows its customers to carry out practically all their banking procedures online. At the end of June 2020, the number of customers connecting to CaixaBankNow on a daily basis grew by more than 30% with respect to the previous year.

The platform has benefited from new developments aimed at the simplification of processes (Ready to Sign, Ready to Buy, Muro), new products and services (contracting of Ocean investment funds and the we.trade blockchain platform), and an improvement of the virtual assistant thanks to the use of artificial intelligence, machine learning, biometrics and voice banking.

As a result, the magazine Global Finance has chosen CaixaBankNow as the “Best Consumer Mobile Banking App in Western Europe 2020”.

Furthermore, in recent months CaixaBank has promoted the remote digital customer service, inTouch, which has reached 1.4 million customers; at 2018 year-end it had reached 700,000. This service, which provides a model that combines digital support and a close relationship through a personal adviser, helps improve remote support and build customer loyalty.

In addition, this year, the Bank has transformed imagin —its mobile-only bank— into a digital platform dedicated to the creation of digital financial and non-financial services for young people, launching it with 2.6 million users.

This October, the magazine Global Finance will announce the winners of the best digital banks in the continental and global categories. Global Finance is a monthly magazine founded in 1987, with headquarters in New York. It distributes 50,000 copies (according to BPA) and has readers in 189 countries.CaixaBank, leader in innovation

Technology and digitisation are main pillars of CaixaBank's Strategic Plan and key in the company's business model, which has the largest base of digital customers in Spain (7 million). In addition, CaixaBank has developed landmark technology projects in the sector, such as the creation of the first ATMs that allow users to withdraw cash through facial recognition and without having to enter their PIN –a project chosen in 2019 as one of the Technological Projects of the Year in the Tech Project Awards by The Banker magazine.

Thanks to its digital transformation strategy, CaixaBank has become one of the highest-rated banks in the world based on the quality of its digital products and services. This year, the bank has also been chosen the “Best Private Bank in Europe for its digital culture and vision 2020” at the Wealth Tech Awards held by the magazine PWM of the Financial Times group.

International acknowledgement of CaixaBank

The Global Finance awards follow on from an intense year of acknowledgement of CaixaBank. This US magazine named CaixaBank the “Best Bank in Spain 2020” and “Best Bank in Western Europe 2020” for the sixth and second year, respectively.

The Bank has also received the “Excellence in Leadership in Western Europe 2020” award from British magazine Euromoney for its social commitment in its response to the COVID-19 crisis.

]]>
CaixaBank has been named “Best Consumer Bank in the World” for the second time in its history and the “Best Consumer Digital Bank in Spain” for the fifth consecutive year at the World’s Best Bank and World’s Best Digital Bank Awards hosted by the US magazine Global Finance. These awards acknowledge and award innovation and excellence within the scope of banking. In addition, the CaixaBankNow app has been chosen the “Best Consumer Mobile Banking App in Western Europe” for the third consecutive year.

The winners of these awards, which are in their 27th and 21st edition, respectively, have been chosen from among all the candidates by a jury consisting of the magazine's editors, and, in the digital awards, also by a panel of judges representing the technology consultancy firm Ïnfosys.

After being selected by the magazine in May as the “Best Bank in Spain” and “Best Bank in Western Europe”, CaixaBank received the global award “Best Consumer Bank in the World” for, among multiple factors, its growth and leadership in the Spanish and Portuguese markets and its financial soundness and product and service innovation.

In this respect, the results of the year 2019 have strengthened the bank's leadership in Spain, where one out of every four individual customers works with CaixaBank. In addition, it has experienced a general increase in market share in recent months, supported by the intense commercial activity, which has enabled the bank to maintain and improve its solid position as leading institution, also during the COVID-19 pandemic.

The magazine highlights CaixaBank's firm commitment towards digital transformation and innovation, which consolidates it as a leading actor in offering solutions to alleviate the economic and social effects of the coronavirus crisis. Furthermore, it has considered the banking's socially responsible business model, underlining the issue of the first social bond by a Spanish bank that supports the Sustainable Development Goals (SDGs) of the United Nations, and its commitment towards green and sustainable financing.

This year, the magazine has also named CaixaBank the “Best Consumer Digital Bank in Spain” for its commitment towards improving the customer's digital experience, the increase in digital customers, and the innovation in and functionality of its digital services, which have helped it to consolidate its leadership in digital banking in Spain and continue providing its service to its customers at all times, especially during the COVID-19 pandemic.

As a result, in recent months CaixaBank has strengthened its leadership in digital banking in Spain, by earning a 32.9% market share according to Comscore figures, reaching an all-time high of 7 million digital customers in June (website and mobile phone banking). In the second quarter the CaixaBankNow mobile phone app also exceeded 6 million users for the first time. At the end of June 2020, 64.7% of CaixaBank customers were digital, whereas at 2018 year-end they amounted to 57.3%.

In its commitment towards continuing to provide essential banking services during the pandemic, CaixaBank has promoted all remote management and digital capacities, paying special attention to CaixaBankNow, the web and mobile phone application that allows its customers to carry out practically all their banking procedures online. At the end of June 2020, the number of customers connecting to CaixaBankNow on a daily basis grew by more than 30% with respect to the previous year.

The platform has benefited from new developments aimed at the simplification of processes (Ready to Sign, Ready to Buy, Muro), new products and services (contracting of Ocean investment funds and the we.trade blockchain platform), and an improvement of the virtual assistant thanks to the use of artificial intelligence, machine learning, biometrics and voice banking.

As a result, the magazine Global Finance has chosen CaixaBankNow as the “Best Consumer Mobile Banking App in Western Europe 2020”.

Furthermore, in recent months CaixaBank has promoted the remote digital customer service, inTouch, which has reached 1.4 million customers; at 2018 year-end it had reached 700,000. This service, which provides a model that combines digital support and a close relationship through a personal adviser, helps improve remote support and build customer loyalty.

In addition, this year, the Bank has transformed imagin —its mobile-only bank— into a digital platform dedicated to the creation of digital financial and non-financial services for young people, launching it with 2.6 million users.

This October, the magazine Global Finance will announce the winners of the best digital banks in the continental and global categories. Global Finance is a monthly magazine founded in 1987, with headquarters in New York. It distributes 50,000 copies (according to BPA) and has readers in 189 countries.CaixaBank, leader in innovation

Technology and digitisation are main pillars of CaixaBank's Strategic Plan and key in the company's business model, which has the largest base of digital customers in Spain (7 million). In addition, CaixaBank has developed landmark technology projects in the sector, such as the creation of the first ATMs that allow users to withdraw cash through facial recognition and without having to enter their PIN –a project chosen in 2019 as one of the Technological Projects of the Year in the Tech Project Awards by The Banker magazine.

Thanks to its digital transformation strategy, CaixaBank has become one of the highest-rated banks in the world based on the quality of its digital products and services. This year, the bank has also been chosen the “Best Private Bank in Europe for its digital culture and vision 2020” at the Wealth Tech Awards held by the magazine PWM of the Financial Times group.

International acknowledgement of CaixaBank

The Global Finance awards follow on from an intense year of acknowledgement of CaixaBank. This US magazine named CaixaBank the “Best Bank in Spain 2020” and “Best Bank in Western Europe 2020” for the sixth and second year, respectively.

The Bank has also received the “Excellence in Leadership in Western Europe 2020” award from British magazine Euromoney for its social commitment in its response to the COVID-19 crisis.

]]>
0
<![CDATA[CaixaBank strengthens its commitment to sustainable investment with the highest PRI rating (A+)]]> https://blog.caixabank.es/?p=23645 2020-08-27T00:00:00.0Z 2020-08-27T00:00:00.0Z <![CDATA[CaixaBank strengthens its commitment to sustainable investment with the highest PRI rating (A+)]]>  

  • VidaCaixa and CaixaBank Asset Management have revalidated their A+ rating for outstanding management in Strategy and Good Governance. Meanwhile, BPI Gestão de Activos received the same rating, for the first time, after signing the PRI in April 2019.  

 

  • This is the highest rating awarded by the Principles for Responsible Investment (PRI) initiative, backed by the United Nations, and is only achieved by a third of signatories worldwide and less than 10% of total signatories in 2019.

 

  • CaixaBank is committed to sustainable investment, understood as investment that not only offers financial returns for investors, but also promotes management that is coherent with the creation of value for the whole of society. In 2019, there was a 591% increase in average balances of Private Banking customers held in socially responsible investment funds. 

 

Barcelona, 27 August 2020

CaixaBank, Spain’s leading retail bank, through its subsidiaries VidaCaixa and CaixaBank Asset Management, has revalidated the highest rating (A+) in responsible investment according to the PRI principles, an initiative backed by the United Nations, in recognition of the institution's firm commitment to boost sustainable investment, via the integration of social, environmental and good governance criteria in its investment decisions and products. Furthermore, BPI Gestão de Activos has obtained the same rating for the first time, after signing the PRI in April 2019. Only one third of signatory companies (formed of investment trusts, service provider organisations and investment managers all over the world) achieve this rating. Furthermore, in 2019 less than 10% of signatory companies achieved this score.

The international association of institutional investors that promotes the Principles for Responsible Investment (PRI), supported by the United Nations, has recognised the high level of implementation of the internationally consolidated principles by the CaixaBank insurance firm and investment fund manager, specifically in the field of Strategy and Good Governance.

In the case of VidaCaixa, the score has improved in the sections of direct equity and active property, increasing its dialogues with companies and through participation in the General Shareholder Meetings of the companies it invests in. In the case of CaixaBank Asset Management, the improvement with respect to the previous year occurred mostly in the area of listed equities.

The PRI is the largest international network of investors that promotes responsible investment in the world, with more than 3,000 registered companies, and is supported by the United Nations, in association with the UNEPFI initiative and the UN Global Compact. For the PRI, a global financial system that is economically efficient and sustainable is crucial for creating long-term value.

Committed to responsible investment

In line with its socially responsible banking model, CaixaBank is committed to sustainable investment, understood as investment that not only offers financial returns for investors, but that also promotes management coherent with the creation of value for the whole of society. In 2019, there was a 591% increase in average balances of Private Banking customers held in socially responsible investment funds. The products of VidaCaixa and CaixaBank AM related to this area are recording increases in average returns and assets, which demonstrates that it is possible to balance profitability with responsible investment.

In 2009, VidaCaixa became the first life insurer and pension fund manager in Spain to join the PRI. Today, 100% of its assets under management (€93 billion at 2019 year-end), and thus all of its products, are managed according to sustainability criteria. In 2020, the main improvements that the institution implemented, allowing them to maintain the highest rating, were the promotion of new political rights, adherence to the Climate Action 100+ collaborative initiative, and improved transparency though communication actions.

The average returns of CaixaBank's pension plans, via VidaCaixa, have historically exceeded the average in Spain over 1, 3, 5 and 10 years.

Furthermore, CaixaBank AM has achieved the maximum rating for the second year in a row. In 2020, the asset manager has enhanced political rights and new collaborations, and in 2019 it implemented an ESG (environmental, social and governance) training plan with the EFFAS Certified ESG Analyst programme (CESGA), whose aim is to train a third of employees in socially responsible investment. This type of investment takes into account environmental, social and business governance criteria that generate competitive financial yields in the long term and a positive social impact. 85.3% of CaixaBank AM's assets in Spanish funds (just over 46.6 billion euros at the time of the data analysis) is managed under sustainability criteria.

In relation to the more specific ESG range, we can highlight CaixaBank Selección Futuro Sostenible, which invests a minimum of 75% in collective investment institutions that meet sustainable investment criteria, managed by internationally renowned companies. At the close of June 2020, it had assets amounting to 242 million euros (+78% vs. December 2019).

On the other hand, the MicroBank Fondo Ético is a mixed fund, focused on ethics and solidarity, which integrates the search for profitability with social responsibility criteria. It also has a charity element, donating 25% of the management fee to non-profit organisations, whilst the "la Caixa" Foundation contributes an equivalent amount to an international cooperation project. At the close of June 2020, it had a volume of 99 million euros (+8.8% vs. December 2019).

Finally, the MicroBank Fondo Ecológico is an international equity fund that invests in a selection of environmentally responsible funds in sectors such as renewable energy, organic food, recycling and water treatment, among others. At the close of June 2020, it had a volume of 37.2 million euros (+13.7% vs. December 2019).

In April 2019, BPI Gestão de Activos became the first Portuguese investment fund management company to sign the PRI. For this reason, it developed an extensive process to align itself with the best practices of the Group, in terms of sustainability and responsible investment.

As well as approving socially responsible investment policies and procedures aligned with its shareholder CaixaBank Asset Management, BPI GA has actively participated in this institution's strategic plan.

Since then, the management firm has created a project with a renowned Portuguese business school to accelerate and expand on its SRI processes, including the development of an environmental, social and governance training plan for its whole workforce.

Meanwhile, BPI GA was also the first Portuguese institution to sign the Climate Action 100+ pact, to drive the transition towards clean energy and contribute to meeting the objectives of the 2015 Paris Agreement (COP21).

Sustainable financing

During the first half of 2020, CaixaBank has continued working to enhance financing to sustainable activities, according to ESG criteria:

With respect to green loans, aimed at financing activities whose goal is to have a certified environmental impact, CaixaBank ranked 2nd in Europe (together with Lead Bank), with a volume of $383 million. In the first half of the year, in relation to the field of green loans and ESG operations, according to Refinitiv Tables, CaixaBank ranked 9th in the world, as the Mandated Lead Arranger, in terms of number of transactions, and 12th in terms of volume, with 18 transactions for $1.7 billion dollars.

Additionally, CaixaBank has signed eight loans with a volume of €867 million, whose conditions are linked to recognition of good sustainability performance across the companies. This performance can be measured by an improvement in environmental indicators or the ranking obtained by ESG indices conducted by independent entities.

In this area it is important to highlight the first sustainable factoring contract in Spain. The operation stands out as it includes sustainability criteria in the pricing policy of this short-term financing method.

Additionally, in the first half of 2020, CaixaBank participated in the placement of five green bond issuances for an amount of €3.7 billion euros (€2.5 billion in 2019).

The six PRI principles

The Responsible Investment Principles were launched in 2006 under the framework of the United Nations. Since then, the number of signatory institutions has gone from 100 to more than 3,000, from more than 60 countries, which manage assets for a value of more than $80 billion.

It is a set of principles developed by and for investors, volunteers and aspiring investors, presenting a range of actions with which signatories can incorporate ESG factors in investment criteria, and contributing to the development of a more sustainable global financial system:

  • Incorporate ESG issues into investment analysis and decision-making processes.
  • Be active owners and incorporate ESG issues into all practices and policies.
  • Seek appropriate disclosure on ESG issues by the entities in which we invest.
  • Promote acceptance and implementation of the Principles within the investment industry.
  • Work together to enhance our effectiveness in implementing the Principles.
  • Report on our activities and progress towards implementing the Principles.

 

 

]]>
 

  • VidaCaixa and CaixaBank Asset Management have revalidated their A+ rating for outstanding management in Strategy and Good Governance. Meanwhile, BPI Gestão de Activos received the same rating, for the first time, after signing the PRI in April 2019.  

 

  • This is the highest rating awarded by the Principles for Responsible Investment (PRI) initiative, backed by the United Nations, and is only achieved by a third of signatories worldwide and less than 10% of total signatories in 2019.

 

  • CaixaBank is committed to sustainable investment, understood as investment that not only offers financial returns for investors, but also promotes management that is coherent with the creation of value for the whole of society. In 2019, there was a 591% increase in average balances of Private Banking customers held in socially responsible investment funds. 

 

Barcelona, 27 August 2020

CaixaBank, Spain’s leading retail bank, through its subsidiaries VidaCaixa and CaixaBank Asset Management, has revalidated the highest rating (A+) in responsible investment according to the PRI principles, an initiative backed by the United Nations, in recognition of the institution's firm commitment to boost sustainable investment, via the integration of social, environmental and good governance criteria in its investment decisions and products. Furthermore, BPI Gestão de Activos has obtained the same rating for the first time, after signing the PRI in April 2019. Only one third of signatory companies (formed of investment trusts, service provider organisations and investment managers all over the world) achieve this rating. Furthermore, in 2019 less than 10% of signatory companies achieved this score.

The international association of institutional investors that promotes the Principles for Responsible Investment (PRI), supported by the United Nations, has recognised the high level of implementation of the internationally consolidated principles by the CaixaBank insurance firm and investment fund manager, specifically in the field of Strategy and Good Governance.

In the case of VidaCaixa, the score has improved in the sections of direct equity and active property, increasing its dialogues with companies and through participation in the General Shareholder Meetings of the companies it invests in. In the case of CaixaBank Asset Management, the improvement with respect to the previous year occurred mostly in the area of listed equities.

The PRI is the largest international network of investors that promotes responsible investment in the world, with more than 3,000 registered companies, and is supported by the United Nations, in association with the UNEPFI initiative and the UN Global Compact. For the PRI, a global financial system that is economically efficient and sustainable is crucial for creating long-term value.

Committed to responsible investment

In line with its socially responsible banking model, CaixaBank is committed to sustainable investment, understood as investment that not only offers financial returns for investors, but that also promotes management coherent with the creation of value for the whole of society. In 2019, there was a 591% increase in average balances of Private Banking customers held in socially responsible investment funds. The products of VidaCaixa and CaixaBank AM related to this area are recording increases in average returns and assets, which demonstrates that it is possible to balance profitability with responsible investment.

In 2009, VidaCaixa became the first life insurer and pension fund manager in Spain to join the PRI. Today, 100% of its assets under management (€93 billion at 2019 year-end), and thus all of its products, are managed according to sustainability criteria. In 2020, the main improvements that the institution implemented, allowing them to maintain the highest rating, were the promotion of new political rights, adherence to the Climate Action 100+ collaborative initiative, and improved transparency though communication actions.

The average returns of CaixaBank's pension plans, via VidaCaixa, have historically exceeded the average in Spain over 1, 3, 5 and 10 years.

Furthermore, CaixaBank AM has achieved the maximum rating for the second year in a row. In 2020, the asset manager has enhanced political rights and new collaborations, and in 2019 it implemented an ESG (environmental, social and governance) training plan with the EFFAS Certified ESG Analyst programme (CESGA), whose aim is to train a third of employees in socially responsible investment. This type of investment takes into account environmental, social and business governance criteria that generate competitive financial yields in the long term and a positive social impact. 85.3% of CaixaBank AM's assets in Spanish funds (just over 46.6 billion euros at the time of the data analysis) is managed under sustainability criteria.

In relation to the more specific ESG range, we can highlight CaixaBank Selección Futuro Sostenible, which invests a minimum of 75% in collective investment institutions that meet sustainable investment criteria, managed by internationally renowned companies. At the close of June 2020, it had assets amounting to 242 million euros (+78% vs. December 2019).

On the other hand, the MicroBank Fondo Ético is a mixed fund, focused on ethics and solidarity, which integrates the search for profitability with social responsibility criteria. It also has a charity element, donating 25% of the management fee to non-profit organisations, whilst the "la Caixa" Foundation contributes an equivalent amount to an international cooperation project. At the close of June 2020, it had a volume of 99 million euros (+8.8% vs. December 2019).

Finally, the MicroBank Fondo Ecológico is an international equity fund that invests in a selection of environmentally responsible funds in sectors such as renewable energy, organic food, recycling and water treatment, among others. At the close of June 2020, it had a volume of 37.2 million euros (+13.7% vs. December 2019).

In April 2019, BPI Gestão de Activos became the first Portuguese investment fund management company to sign the PRI. For this reason, it developed an extensive process to align itself with the best practices of the Group, in terms of sustainability and responsible investment.

As well as approving socially responsible investment policies and procedures aligned with its shareholder CaixaBank Asset Management, BPI GA has actively participated in this institution's strategic plan.

Since then, the management firm has created a project with a renowned Portuguese business school to accelerate and expand on its SRI processes, including the development of an environmental, social and governance training plan for its whole workforce.

Meanwhile, BPI GA was also the first Portuguese institution to sign the Climate Action 100+ pact, to drive the transition towards clean energy and contribute to meeting the objectives of the 2015 Paris Agreement (COP21).

Sustainable financing

During the first half of 2020, CaixaBank has continued working to enhance financing to sustainable activities, according to ESG criteria:

With respect to green loans, aimed at financing activities whose goal is to have a certified environmental impact, CaixaBank ranked 2nd in Europe (together with Lead Bank), with a volume of $383 million. In the first half of the year, in relation to the field of green loans and ESG operations, according to Refinitiv Tables, CaixaBank ranked 9th in the world, as the Mandated Lead Arranger, in terms of number of transactions, and 12th in terms of volume, with 18 transactions for $1.7 billion dollars.

Additionally, CaixaBank has signed eight loans with a volume of €867 million, whose conditions are linked to recognition of good sustainability performance across the companies. This performance can be measured by an improvement in environmental indicators or the ranking obtained by ESG indices conducted by independent entities.

In this area it is important to highlight the first sustainable factoring contract in Spain. The operation stands out as it includes sustainability criteria in the pricing policy of this short-term financing method.

Additionally, in the first half of 2020, CaixaBank participated in the placement of five green bond issuances for an amount of €3.7 billion euros (€2.5 billion in 2019).

The six PRI principles

The Responsible Investment Principles were launched in 2006 under the framework of the United Nations. Since then, the number of signatory institutions has gone from 100 to more than 3,000, from more than 60 countries, which manage assets for a value of more than $80 billion.

It is a set of principles developed by and for investors, volunteers and aspiring investors, presenting a range of actions with which signatories can incorporate ESG factors in investment criteria, and contributing to the development of a more sustainable global financial system:

  • Incorporate ESG issues into investment analysis and decision-making processes.
  • Be active owners and incorporate ESG issues into all practices and policies.
  • Seek appropriate disclosure on ESG issues by the entities in which we invest.
  • Promote acceptance and implementation of the Principles within the investment industry.
  • Work together to enhance our effectiveness in implementing the Principles.
  • Report on our activities and progress towards implementing the Principles.

 

 

]]>
0
<![CDATA[CaixaBank has more than 2 million customers who use their smartphone to sign online transactions]]> https://blog.caixabank.es/?p=23645 2020-08-27T00:00:00.0Z 2020-08-27T00:00:00.0Z <![CDATA[CaixaBank has more than 2 million customers who use their smartphone to sign online transactions]]>
CaixaBank, Spain’s leading retail bank, now has more than two million customers who sign online, web and mobile banking transactions on their smartphone, using the CaixaBank Sign application.

This figure has doubled compared to October 2019, when it hit one million customers using the bank's digital signature application. The growth in the use of this application has accelerated since the declaration of the state of emergency due to the epidemic outbreak of COVID-19.

This application, the only one in the Spanish financial sector specifically developed for signing bank transactions, allows customers to use their smartphone to quickly carry out operations from anywhere with just a single click.

The financial institution chaired by Jordi Gual, and with Gonzalo Gortázar as CEO, also uses the app to improve security of digital payments with a strengthened authentication system. CaixaBank Sign can be installed on a single device per user and requires the use of the digital banking access code for secure identification.

A wide range of proprietary solutions integrated within one app

CaixaBank Sign, available for Android and iOS, is a free application for the bank's online banking customers.

CaixaBank has multiple special functionalities within CaixaBankNow that allow biometric identification, payments between people and Click&Go loans, among others. Furthermore, CaixaBank offers imagin, the first mobile-only bank in Spain, which is managed exclusively through a smartphone application.

Leadership in digital banking

Technology and digitalisation are key to the bank's business model, the leader in digital banking in Spain with 7 million digital customers (web and mobile).

In addition, CaixaBank has developed projects that are technological milestones in the sector, such as the creation of the first ATMs that allow withdrawals through facial recognition without having to enter a PIN, a project that was chosen as one of the Technology Projects of the Year in the 2019 Tech Project Awards of The Banker magazine.

Thanks to its digital transformation strategy, CaixaBank is ranked among the best-valued banks in the world for the quality of its digital products and services. This year, the US magazine Global Finance highlighted three of the bank's projects in its The Innovators Awards: the use of biometrics in banking services, its new digital on-boarding and the continuous improvements to its CaixaBankNow application. In addition, it has also been chosen as “Best Private Banking entity in Europe due to its culture and digital vision 2020” in the Wealth Tech Awards of PWM magazine, published by the Financial Times group.

]]>

CaixaBank, Spain’s leading retail bank, now has more than two million customers who sign online, web and mobile banking transactions on their smartphone, using the CaixaBank Sign application.

This figure has doubled compared to October 2019, when it hit one million customers using the bank's digital signature application. The growth in the use of this application has accelerated since the declaration of the state of emergency due to the epidemic outbreak of COVID-19.

This application, the only one in the Spanish financial sector specifically developed for signing bank transactions, allows customers to use their smartphone to quickly carry out operations from anywhere with just a single click.

The financial institution chaired by Jordi Gual, and with Gonzalo Gortázar as CEO, also uses the app to improve security of digital payments with a strengthened authentication system. CaixaBank Sign can be installed on a single device per user and requires the use of the digital banking access code for secure identification.

A wide range of proprietary solutions integrated within one app

CaixaBank Sign, available for Android and iOS, is a free application for the bank's online banking customers.

CaixaBank has multiple special functionalities within CaixaBankNow that allow biometric identification, payments between people and Click&Go loans, among others. Furthermore, CaixaBank offers imagin, the first mobile-only bank in Spain, which is managed exclusively through a smartphone application.

Leadership in digital banking

Technology and digitalisation are key to the bank's business model, the leader in digital banking in Spain with 7 million digital customers (web and mobile).

In addition, CaixaBank has developed projects that are technological milestones in the sector, such as the creation of the first ATMs that allow withdrawals through facial recognition without having to enter a PIN, a project that was chosen as one of the Technology Projects of the Year in the 2019 Tech Project Awards of The Banker magazine.

Thanks to its digital transformation strategy, CaixaBank is ranked among the best-valued banks in the world for the quality of its digital products and services. This year, the US magazine Global Finance highlighted three of the bank's projects in its The Innovators Awards: the use of biometrics in banking services, its new digital on-boarding and the continuous improvements to its CaixaBankNow application. In addition, it has also been chosen as “Best Private Banking entity in Europe due to its culture and digital vision 2020” in the Wealth Tech Awards of PWM magazine, published by the Financial Times group.

]]>
0
<![CDATA[CaixaBank offsets its CO2 emissions with a project to protect more than 27,000 hectares of the Amazon forest in Brazil]]> https://blog.caixabank.es/?p=23645 2020-08-19T00:00:00.0Z 2020-08-19T00:00:00.0Z <![CDATA[CaixaBank offsets its CO2 emissions with a project to protect more than 27,000 hectares of the Amazon forest in Brazil]]>
CaixaBank has offset its CO2 emissions deriving from its 2019 activities  by supporting a project to protect hectares of Amazon forest in the state of Pará in Brazil.

Specifically, the project is located in the Rio Capim Complex, in eastern Amazonia, in an area that spans five forests: Río Capim, Poty, Cauaxi, Sumal and Caculé. The project spans across 27,434.9 hectares of forest, which will avoid deforestation thanks to the initiative supported by CaixaBank.

Since 2009, the bank led by chairman Jordi Gual and with Gonzalo Gortázar as CEO has reduced its own CO2 emissions by 80% and it has set itself a future target of attaining a further reduction of 14.5%, under its 2019-2021 Environmental Plan. CaixaBank is the only listed Spanish bank to offset all greenhouse gas emissions generated and calculated as part of its carbon footprint, making it a “Carbon Neutral” bank.

In 2019, the bank offset the previous year's emissions through a project based in Mexico that involves generating clean energy by using the waste from pig farms in the Sonora region. Furthermore, CaixaBank is participating in the reforestation of two forests located in Montserrat (Barcelona, Spain) and Ejulve (Teruel, Spain), whose direct benefits to the territory will extend over the next 40 years. 

Offsetting emissions by supporting environmental projects includes supporting six out of the 17 Sustainable Development Goals (SDG) approved by the UN in the 2030 Agenda for Sustainable Development: Climate action (SDG 13), with the reduction of 380,000 tons of CO2 per year; Life below water (SDG 14), improving water quality; Life on land(SDG 15), avoiding ecosystem fragmentation and loss, as well as protecting endangered species; Decent work and Economic growth (SDG 8), by generating employment opportunities for local communities; Quality Education (SDG 4) through training the community in the use of agroforest techniques; and No Poverty (SDG 1), with improvements to the living conditions of the local communities.

CaixaBank's commitment to the environment

CaixaBank is one of the leading financial institutions for its initiatives to mitigate the effects of climate change.

The bank advocates that sustainability must be integrated into the business model of the organisation. For this reason, the environmental strategy constitutes one the five axes of the bank's Socially Responsible Banking Plan. CaixaBank is committed to ensuring sustainability beyond its legal obligations and has integrated environmental management into its business activity.

CaixaBank adheres to the Equator Principles, and it also takes into account the environmental impact in its risk management framework. Similarly, the bank is committed to the fulfilment of the Paris Agreement. Specifically, CaixaBank works to minimise the environmental impact of its activity and, to achieve this goal, it has a 2019-2021 Environmental Management Plan in place, which envisions, among other actions, measures to make the institution more energy efficient and to reduce consumption, while also extending this commitment along the supply chain. 

To fund projects with a positive climate impact, CaixaBank has several specific lines of eco-funding for sustainable development projects. In 2019, CaixaBank participated in the green loans market for the amount of $1.54 billion. The company also allocated a total of €2.45 billion to financing renewable energy projects in 2019. 

Furthermore, the company carefully manages environmental risks, to prevent, minimise, mitigate and remedy potential risks to the environment or the community as best as possible. In this regard, in 2019, CaixaBank’s Board of Directors approved its Environmental Risk Management Policy, which sets forth exclusions for sectors with a potential negative impact on the environment. 

CaixaBank was also the first Spanish bank to issue a social bond to support the Sustainable Development Goals (SDGs) of the United Nations. In addition, it participates in the marketing of social, green and sustainable bonds.

]]>

CaixaBank has offset its CO2 emissions deriving from its 2019 activities  by supporting a project to protect hectares of Amazon forest in the state of Pará in Brazil.

Specifically, the project is located in the Rio Capim Complex, in eastern Amazonia, in an area that spans five forests: Río Capim, Poty, Cauaxi, Sumal and Caculé. The project spans across 27,434.9 hectares of forest, which will avoid deforestation thanks to the initiative supported by CaixaBank.

Since 2009, the bank led by chairman Jordi Gual and with Gonzalo Gortázar as CEO has reduced its own CO2 emissions by 80% and it has set itself a future target of attaining a further reduction of 14.5%, under its 2019-2021 Environmental Plan. CaixaBank is the only listed Spanish bank to offset all greenhouse gas emissions generated and calculated as part of its carbon footprint, making it a “Carbon Neutral” bank.

In 2019, the bank offset the previous year's emissions through a project based in Mexico that involves generating clean energy by using the waste from pig farms in the Sonora region. Furthermore, CaixaBank is participating in the reforestation of two forests located in Montserrat (Barcelona, Spain) and Ejulve (Teruel, Spain), whose direct benefits to the territory will extend over the next 40 years. 

Offsetting emissions by supporting environmental projects includes supporting six out of the 17 Sustainable Development Goals (SDG) approved by the UN in the 2030 Agenda for Sustainable Development: Climate action (SDG 13), with the reduction of 380,000 tons of CO2 per year; Life below water (SDG 14), improving water quality; Life on land(SDG 15), avoiding ecosystem fragmentation and loss, as well as protecting endangered species; Decent work and Economic growth (SDG 8), by generating employment opportunities for local communities; Quality Education (SDG 4) through training the community in the use of agroforest techniques; and No Poverty (SDG 1), with improvements to the living conditions of the local communities.

CaixaBank's commitment to the environment

CaixaBank is one of the leading financial institutions for its initiatives to mitigate the effects of climate change.

The bank advocates that sustainability must be integrated into the business model of the organisation. For this reason, the environmental strategy constitutes one the five axes of the bank's Socially Responsible Banking Plan. CaixaBank is committed to ensuring sustainability beyond its legal obligations and has integrated environmental management into its business activity.

CaixaBank adheres to the Equator Principles, and it also takes into account the environmental impact in its risk management framework. Similarly, the bank is committed to the fulfilment of the Paris Agreement. Specifically, CaixaBank works to minimise the environmental impact of its activity and, to achieve this goal, it has a 2019-2021 Environmental Management Plan in place, which envisions, among other actions, measures to make the institution more energy efficient and to reduce consumption, while also extending this commitment along the supply chain. 

To fund projects with a positive climate impact, CaixaBank has several specific lines of eco-funding for sustainable development projects. In 2019, CaixaBank participated in the green loans market for the amount of $1.54 billion. The company also allocated a total of €2.45 billion to financing renewable energy projects in 2019. 

Furthermore, the company carefully manages environmental risks, to prevent, minimise, mitigate and remedy potential risks to the environment or the community as best as possible. In this regard, in 2019, CaixaBank’s Board of Directors approved its Environmental Risk Management Policy, which sets forth exclusions for sectors with a potential negative impact on the environment. 

CaixaBank was also the first Spanish bank to issue a social bond to support the Sustainable Development Goals (SDGs) of the United Nations. In addition, it participates in the marketing of social, green and sustainable bonds.

]]>
0
<![CDATA[EBRD and CaixaBank boost SME financing in Morocco]]> https://blog.caixabank.es/?p=23645 2020-08-17T00:00:00.0Z 2020-08-17T00:00:00.0Z <![CDATA[EBRD and CaixaBank boost SME financing in Morocco]]> The European Bank for Reconstruction and Development (EBRD) is supporting small businesses in Morocco to withstand the coronavirus pandemic with an approximately 430 million dirham (equivalent to circa €40 million) loan to CaixaBank’s Morocco branch.

The EBRD loan will help CaixaBank to increase much-needed funding for local small and medium-sized enterprises (SMEs) to address companies’ needs.

In addition, the EBRD will also support CaixaBank's expansion strategy to SMEs located outside the Casablanca-Rabat axis, which represents 70 per cent of the Moroccan economy, as they will be further served by CaixaBank’s branches in Tangier and Agadir.

In Morocco, the EBRD was one of the first financial institutions to develop financial and advisory instruments to mitigate the impact of the COVID-19 pandemic on the economy.

CaixaBank is the leading financial group in retail banking in Spain. The bank obtained its banking licence in Morocco in 2009, where it now has branches in Casablanca, Tangier and Agadir. The bank is a major market player in the country: nearly 60 per cent of the 600 Spanish companies active in Morocco are clients of CaixaBank.

Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested around €2.4 billion in the country through 65 projects. Spain is also a founding member of the EBRD and, since 1992, an EBRD donor with a contribution of more than €104 million.

]]>
The European Bank for Reconstruction and Development (EBRD) is supporting small businesses in Morocco to withstand the coronavirus pandemic with an approximately 430 million dirham (equivalent to circa €40 million) loan to CaixaBank’s Morocco branch.

The EBRD loan will help CaixaBank to increase much-needed funding for local small and medium-sized enterprises (SMEs) to address companies’ needs.

In addition, the EBRD will also support CaixaBank's expansion strategy to SMEs located outside the Casablanca-Rabat axis, which represents 70 per cent of the Moroccan economy, as they will be further served by CaixaBank’s branches in Tangier and Agadir.

In Morocco, the EBRD was one of the first financial institutions to develop financial and advisory instruments to mitigate the impact of the COVID-19 pandemic on the economy.

CaixaBank is the leading financial group in retail banking in Spain. The bank obtained its banking licence in Morocco in 2009, where it now has branches in Casablanca, Tangier and Agadir. The bank is a major market player in the country: nearly 60 per cent of the 600 Spanish companies active in Morocco are clients of CaixaBank.

Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested around €2.4 billion in the country through 65 projects. Spain is also a founding member of the EBRD and, since 1992, an EBRD donor with a contribution of more than €104 million.

]]>
0
<![CDATA[CaixaBank launches the first credit card in Spain made with 100% recycled plastic]]> https://blog.caixabank.es/?p=23645 2020-08-11T00:00:00.0Z 2020-08-11T00:00:00.0Z <![CDATA[CaixaBank launches the first credit card in Spain made with 100% recycled plastic]]> CaixaBank offers its customers the first card made from 100% recycled material to be marketed in Spain. This Visa & Pay product, which can be requested both in branches and online at www.CaixaBank.es by interested customers, is made entirely from recycled PVC from sources such as waste from the construction industry, plastic recycling bags or waste from other cards, among others. 

Recycled plastic Visa & Pay is another step towards the introduction of recycled materials across the entire range of CaixaBank cards, which would mean the replacement of approximately more than 18 million plastics currently in use. 

The bank, chaired by Jordi Gual and with Gonzalo Gortázar as CEO, is a pioneer in Spain in the introduction of recycled materials for financial products. In 2019 the entire range of the bank’s gift cards (about 150,000 units per year) already began to be made of a biodegradable material (polylactic acid, from corn starch), to facilitate its recycling and end-of-life disposal (maximum of two years, in the case of gift cards). 

CaixaBank plans to market 10,000 units of this new Visa & Pay during 2020. The new card made of recycled plastic is designed to be used as the usual card for customers.

 A card designed to respect the environment

The new recycled plastic Visa & Pay card offers the same financial services as a Visa & Pay credit card, although it incorporates innovations compared to the usual standards, such as the possibility of rounding up each purchase for savings which, if desired, can be donated to an environmental NGO. 

In addition, CaixaBank is committed to offsetting its carbon footprint and therefore, in this campaign, the bank will finance the planting of a tree for each new card.

Alliances and initiatives for the sustainability of the planet

CaixaBank is one of the leading financial institutions in mitigating the effects of climate change. The CDP organisation has included CaixaBank in the index of leading companies in the fight against climate change for the sixth consecutive year.

In February 2019, the bank published a Declaration on Climate Change, a proposal with five lines of action that includes commitments related to decarbonisation: finance solutions to address climate change; manage the risks derived from climate change; minimise and offset the carbon footprint; collaborate with other organisations for a collective advancement; and report our progress in a transparent way.

To this end, CaixaBank promotes the digitisation of its card pool, finances renewable energy projects (€2.4Bn in 2019), finances projects linked to the improvement in sustainability indices or environmental indicators (€919 million) and offers green loans ($1.54Bn in 2019). The financial institution also has several ecoLoans and ecoMicroloans lines (€10.2 million in EconFinance in 2019).

At the same time, CaixaBank participates in the green bond market for sustainable investment. In the Bloomberg world ranking, CaixaBank ranks 13th in financing syndicated green loans by volume.

Likewise, the bank carries out careful management of environmental risks, to avoid, minimise, mitigate and remedy potential risks to the environment or the community as much as possible. In February 2019, CaixaBank’s Board of Directors approved an Environmental Risk Management Policy which establishes exclusions for sectors with potential negative impacts on the environment.

CaixaBank has an active emissions reduction policy in place, which has resulted in a reduction of 80% since 2009. In addition, the bank receives its electricity supply almost entirely from renewable sources and is the only one in Spain that offsets 100% of all its calculated emissions, including indirect emissions.

The bank was the first Spanish organisation included in the RE100 list, an initiative that aims to increase the demand and supply of clean energy. It is also part of the Spanish Green Growth Group, which advocates for economic growth linked to a low-carbon economy.

CaixaBank has also joined the United Nations Collective Commitment for Climate Action, a declaration that is created within the framework of the Principles of Responsible Banking for the financial sector to mobilise its products, services and relationships to facilitate the economic transition towards a sustainable model. The commitment aims to align the portfolios of financial institutions around the world to finance a low-carbon economy, with the goal of keeping global warming below two degrees Celsius.

]]>
CaixaBank offers its customers the first card made from 100% recycled material to be marketed in Spain. This Visa & Pay product, which can be requested both in branches and online at www.CaixaBank.es by interested customers, is made entirely from recycled PVC from sources such as waste from the construction industry, plastic recycling bags or waste from other cards, among others. 

Recycled plastic Visa & Pay is another step towards the introduction of recycled materials across the entire range of CaixaBank cards, which would mean the replacement of approximately more than 18 million plastics currently in use. 

The bank, chaired by Jordi Gual and with Gonzalo Gortázar as CEO, is a pioneer in Spain in the introduction of recycled materials for financial products. In 2019 the entire range of the bank’s gift cards (about 150,000 units per year) already began to be made of a biodegradable material (polylactic acid, from corn starch), to facilitate its recycling and end-of-life disposal (maximum of two years, in the case of gift cards). 

CaixaBank plans to market 10,000 units of this new Visa & Pay during 2020. The new card made of recycled plastic is designed to be used as the usual card for customers.

 A card designed to respect the environment

The new recycled plastic Visa & Pay card offers the same financial services as a Visa & Pay credit card, although it incorporates innovations compared to the usual standards, such as the possibility of rounding up each purchase for savings which, if desired, can be donated to an environmental NGO. 

In addition, CaixaBank is committed to offsetting its carbon footprint and therefore, in this campaign, the bank will finance the planting of a tree for each new card.

Alliances and initiatives for the sustainability of the planet

CaixaBank is one of the leading financial institutions in mitigating the effects of climate change. The CDP organisation has included CaixaBank in the index of leading companies in the fight against climate change for the sixth consecutive year.

In February 2019, the bank published a Declaration on Climate Change, a proposal with five lines of action that includes commitments related to decarbonisation: finance solutions to address climate change; manage the risks derived from climate change; minimise and offset the carbon footprint; collaborate with other organisations for a collective advancement; and report our progress in a transparent way.

To this end, CaixaBank promotes the digitisation of its card pool, finances renewable energy projects (€2.4Bn in 2019), finances projects linked to the improvement in sustainability indices or environmental indicators (€919 million) and offers green loans ($1.54Bn in 2019). The financial institution also has several ecoLoans and ecoMicroloans lines (€10.2 million in EconFinance in 2019).

At the same time, CaixaBank participates in the green bond market for sustainable investment. In the Bloomberg world ranking, CaixaBank ranks 13th in financing syndicated green loans by volume.

Likewise, the bank carries out careful management of environmental risks, to avoid, minimise, mitigate and remedy potential risks to the environment or the community as much as possible. In February 2019, CaixaBank’s Board of Directors approved an Environmental Risk Management Policy which establishes exclusions for sectors with potential negative impacts on the environment.

CaixaBank has an active emissions reduction policy in place, which has resulted in a reduction of 80% since 2009. In addition, the bank receives its electricity supply almost entirely from renewable sources and is the only one in Spain that offsets 100% of all its calculated emissions, including indirect emissions.

The bank was the first Spanish organisation included in the RE100 list, an initiative that aims to increase the demand and supply of clean energy. It is also part of the Spanish Green Growth Group, which advocates for economic growth linked to a low-carbon economy.

CaixaBank has also joined the United Nations Collective Commitment for Climate Action, a declaration that is created within the framework of the Principles of Responsible Banking for the financial sector to mobilise its products, services and relationships to facilitate the economic transition towards a sustainable model. The commitment aims to align the portfolios of financial institutions around the world to finance a low-carbon economy, with the goal of keeping global warming below two degrees Celsius.

]]>
0
<![CDATA[CaixaBank participates in the first sustainable loan to a pharmaceutical firm in Spain]]> https://blog.caixabank.es/?p=23645 2020-08-05T00:00:00.0Z 2020-08-05T00:00:00.0Z <![CDATA[CaixaBank participates in the first sustainable loan to a pharmaceutical firm in Spain]]> In its commitment to promoting sustainability to improve people's health and generate a positive impact on the planet, Ferrer has signed a sustainable financing agreement amounting to 220 million euros. It is the first sustainable loan agreed by a firm in the pharmaceutical industry in Spain, a pioneering operation for the sector, with a financing margin linked to the company's performance in terms of sustainability. Ferrer has committed to reducing CO2 emissions, improving waste management and boosting employee training. The positive results of these indicators will reduce the interest rate of the loan.

According to David Ferrer, Chief Financial & Corporate Services Officer of the laboratory, “At Ferrer we deem sustainability to be a central and cross-cutting axis of all our activity: any action must meet improvement goals with regard to people, the planet and the local community. This financing agreement demonstrates our commitment to generate a positive impact on our environment”.

The financing, signed with CaixaBank and BBVA, is split into three tranches: Term Loan (long-term loan), Revolving Credit Facility, and Capex Facility (credit facility for acquisitions), with a 6-year term.

CaixaBank and BBVA have acted as coordinating entities, and administrative and sustainability agents, with the participation of Sabadell, Cajamar, Santander, Deutsche Bank, Liberbank, Targobank and Banca March. Furthermore, Alantra has served as Ferrer’s sole financial adviser and Anthesis Lavola as its independent sustainability consultant. 

CaixaBank, committed to sustainable financing

CaixaBank is showing its commitment to sustainable financing. Through its initiatives, the Bank is supporting environmentally friendly initiatives and projects that contribute to preventing, mitigating and fighting climate change and help in the transition to a low-carbon economy. This has led CaixaBank to become the first Spanish bank to fully eliminate its carbon footprint.

The Bank, headed by Chairman Jordi Gual and with Gonzalo Gortázar as CEO, stands out for its implementation of responsible investment principles and its commitment to sustainable investment as a strategy to manage overall risks and generate long-term sustainable yields.

CaixaBank has positioned itself as one of the leading Banks in sustainable financing. In 2019 it became the first bank on the IBEX35 to issue a social bond to support the United Nations Sustainable Development Goals (SDG). In addition, in July 2020 it issued a new social bond for €1Bn to curb the effects of COVID-19 by funding SMEs and micro-enterprises located in Spain's most disadvantaged areas.

 

]]>
In its commitment to promoting sustainability to improve people's health and generate a positive impact on the planet, Ferrer has signed a sustainable financing agreement amounting to 220 million euros. It is the first sustainable loan agreed by a firm in the pharmaceutical industry in Spain, a pioneering operation for the sector, with a financing margin linked to the company's performance in terms of sustainability. Ferrer has committed to reducing CO2 emissions, improving waste management and boosting employee training. The positive results of these indicators will reduce the interest rate of the loan.

According to David Ferrer, Chief Financial & Corporate Services Officer of the laboratory, “At Ferrer we deem sustainability to be a central and cross-cutting axis of all our activity: any action must meet improvement goals with regard to people, the planet and the local community. This financing agreement demonstrates our commitment to generate a positive impact on our environment”.

The financing, signed with CaixaBank and BBVA, is split into three tranches: Term Loan (long-term loan), Revolving Credit Facility, and Capex Facility (credit facility for acquisitions), with a 6-year term.

CaixaBank and BBVA have acted as coordinating entities, and administrative and sustainability agents, with the participation of Sabadell, Cajamar, Santander, Deutsche Bank, Liberbank, Targobank and Banca March. Furthermore, Alantra has served as Ferrer’s sole financial adviser and Anthesis Lavola as its independent sustainability consultant. 

CaixaBank, committed to sustainable financing

CaixaBank is showing its commitment to sustainable financing. Through its initiatives, the Bank is supporting environmentally friendly initiatives and projects that contribute to preventing, mitigating and fighting climate change and help in the transition to a low-carbon economy. This has led CaixaBank to become the first Spanish bank to fully eliminate its carbon footprint.

The Bank, headed by Chairman Jordi Gual and with Gonzalo Gortázar as CEO, stands out for its implementation of responsible investment principles and its commitment to sustainable investment as a strategy to manage overall risks and generate long-term sustainable yields.

CaixaBank has positioned itself as one of the leading Banks in sustainable financing. In 2019 it became the first bank on the IBEX35 to issue a social bond to support the United Nations Sustainable Development Goals (SDG). In addition, in July 2020 it issued a new social bond for €1Bn to curb the effects of COVID-19 by funding SMEs and micro-enterprises located in Spain's most disadvantaged areas.

 

]]>
0