CaixaBank acquires Bankpime's banking and fund management business

CaixaBank has agreed to acquire the entirety of Bankpime's current banking and fund management business for 16 million euros, with financial effect as per 1 September 2011.

The deal, involving only banking and fund management operations, sees CaixaBank mainly purchase Bankpime's loan book (363 million euros), fund management business (assets of approximately 400 million euros), all of its bank branches (19), including the staff at these branches (approximately 100), and all customer deposits (436 million euros).

The operation brings CaixaBank a total business volume of approximately 1,200 million euros, including 400 million euros in off-balance investment funds, with good liquidity and first-rate net interest income, while having little impact on solvency.

The acquisition of the entirety of Bankpime's banking and fund management business will add further value to particular areas that "la Caixa" has been prioritizing commercially: investment funds, insurance and business banking. The purchase of the fund manager is of particular importance, bringing with it a sizable business and a good range of funds, which will reinforce InverCaixa's excellent performance.

The move will allow Bankpime customers to enjoy a wider range of services, in both banking and fund management, and provides them with the backing of a solvent entity with the largest branch network in the Spanish financial system. Furthermore, "la Caixa" has guaranteed that these customers will continue to receive the same services under the same terms as agreed with Bankpime.

The operation is subject to regulatory authorization and Bankpime shareholders endorsing the sale at their shareholder meeting. Bankpime's three major shareholders, who represent 73% of capital, have agreed to vote in favour.