CaixaBank, Spain’s leading retail bank, contributed a total of €9.6 billion to Spain's Gross Domestic Product (GDP) through its activity in 2020, according to the latest study on CaixaBank's Socioeconomic Impact and Contribution to the Sustainable Development Objectives, published on its corporate website, www.caixabank.com.
This figure quantifies CaixaBank's contribution to economic production in all areas of its activity, including contribution to employment, credit investments, taxes paid, dividends distributed, social actions carried out, and its commitment to financial inclusion, among other aspects.
In 2020, the bank, headed by Gonzalo Gortázar, increased its annual contribution to national economic output by €143 million compared to the previous year and increased its contribution to GDP in relative terms by 100 basis points, from 0.76% to 0.86%.
Commitment to customer proximity and financial inclusion
In addition to the estimated contribution to GDP, the Socioeconomic Impact study analyses the CaixaBank Group's contribution to financial inclusion in Spain. In this regard, thanks to having the most extensive branch network in the country, with a total of 3,782 branches at the end of 2020, CaixaBank has at least one branch in all towns of over 10,000 inhabitants and in 94% of towns of over 5,000 inhabitants. 91% of citizens have at least one CaixaBank branch in their municipality. Furthermore, CaixaBank is the only bank present in 215 Spanish towns and cities.
The institution is particularly aware when it comes to the accessibility of its services. In 2020, 49 more branches in Spain removed architectural barriers, and the percentage of accessible branches now stands at 94%. Likewise, 99% of CaixaBank's 8,827 ATMs are fully accessible and feature specific elements to help people with mobility difficulties, visual impairments, etc.
As a result of its service commitment and ability to adapt to the demands of society, CaixaBank is the leader in retail banking, as demonstrated by its 13.3 million customers, which represents a market penetration of 30.9% in Spain. Of this figure, 23.9% count CaixaBank as their primary bank.
Investors also place their trust in CaixaBank on the stock markets. At the end of 2020, CaixaBank had 567,723 shareholders, with a market capitalisation of €12.6 billion.
Support for those affected by the Covid-19 crisis
The 2020 study of CaixaBank's Socioeconomic Impact and contribution to the SDGs provides an in-depth analysis of the support actions and measures implemented by the bank to combat the situation caused by the Covid-19 crisis. Key data includes the granting of €4.6 billion in ICO loans for self-employed workers, entrepreneurs and microcompanies through more than 154,000 transactions.
A total of 4,786 customers have also benefited from special support measures for those affected by the Covid-19 crisis, such as the cancellation of rental payments on properties owned by CaixaBank between April and July 2020 and the automatic extension of all leases expiring on 1 October 2020.
Regarding the provision of financing to groups with limited resources, as a result of Covid-19, access to family microcredits was extended through MicroBank to holders with an income of less than €19,300. Thanks to its commitment demonstrated during the Covid-19 crisis, CaixaBank received the Euromoney Excellence in leadership in Western Europe 2020 award and the Global Leader in the 2020 crisis award from the US magazine Global Finance.
Socially responsible investments and environmental commitment
The Socioeconomic Impact and Contribution to the SDGs publication outlines the CaixaBank's Socially Responsible Investment strategy in 2020. VidaCaixa and CaixaBank Asset Management, both subsidiaries of the CaixaBank Group, are recognised by the United Nations with the highest rating (A+). 100% of savings insurance and pension plan investments take ESG criteria into account.
CaixaBank has issued two social bonds and a green bond under the framework for issuing bonds linked to the SDGs. The first Social Bond for €1 billion, launched in September 2019, was used to finance loans to combat poverty and to promote decent work and job creation in the most disadvantaged areas of Spain. A total of 160,945 loans were granted to families, self-employed workers, and small businesses, contributing to the creation of 8,207 jobs. The second Social Bond, launched in July 2020, also provided €1 billion to finance anti-Covid measures with the aim of mitigating the socioeconomic impact of the pandemic. Loans are granted to entrepreneurs, micro-enterprises and SMEs in the most disadvantaged regions of Spain. The Green Bond for €1 billion, issued in November 2020, provides funds to finance projects that contribute to environmental sustainability, such as greenhouse gas reduction, pollution prevention, and adaptation to climate change.
In terms of environmental strategy, as the study explains, CaixaBank has an Environmental Risk Management Policy and an Environmental Risk Management Committee that establish the global principles governing the financing of specific companies and projects with a potential ESG risk. Less than 2% of the loan portfolio is exposed to CO2-intensive economic activities. Regarding environmental management, CaixaBank is the first listed Spanish bank to offset 100% of its net CO2 emissions, a milestone first achieved in 2018 and again in 2019 and 2020. 99.34% of its energy consumption comes from renewable sources. Since 2009, CaixaBank has reduced its carbon footprint by 85%.
About the Socioeconomic Impact publication
CaixaBank publishes an annual report on its Socioeconomic Impact and Contribution to the United Nations Sustainable Development Goals to assess its activity from a social point of view. The document presents data for the 2020 financial year on the bank's contribution to the economy, financial inclusion, relations with key stakeholders, alignment with international responsible banking and social impact initiatives, the environment, and technological innovation.
This publication also analyses how CaixaBank's activity across these areas contributes to developing the United Nations Sustainable Development Goals and the 2030 Agenda.
CaixaBank, the benchmark in socially responsible banking
CaixaBank is an organisation with a far-reaching social vocation. As a result of its legacy, CaixaBank is, and wants to continue to be, a bank with a social vocation, maintaining its commitment to people and regions, and helping to respond to the main environmental challenges.
CaixaBank’s responsible activities have been recognised by leading international bodies. The Dow Jones Sustainability Index ranks it as the seventh best bank in the world in terms of corporate responsibility. Similarly, the international organisation CDP acknowledges CaixaBank as the leading bank in the struggle against climate change.
