CaixaBank buys Bankpime’s banking and fund management business

Barcelona (ACN).- CaixaBank announced on Friday that it has reached an agreement to buy Bankpime’s banking and fund management business for 16 million euros. In total, the operation will bring an additional business volume of some 1.200 million euros to CaixaBank, according to the Catalan bank. They believe the purchase will bring added value to some of the activities in which La Caixa has put its commercial priorities: investment funds, insurance products and corporate banking. CaixaBank is Catalonia’s largest financial institution; it is the private bank created after the restructuring process of Barcelona-based savings bank ‘La Caixa’, which was in early 2010 the largest savings bank in Europe and the third biggest financial institution in Spain.

CaixaBank will buy the fund management and banking businesses of Bankpime for 16 million euros. The fist business consists of around 400 million euros of fund management, as well as 363 million euros of a credit investment portfolio. According to CaixaBank, these funds “will reinforce the excellent evolution of Invercaixa”.

Bankpime’s banking business, which is mainly targeting small and medium-sized companies, has 436 million euros in deposits and a network of 19 branches. In addition, some 100 Bankpime staff will be maintained in their positions. CaixaBank stated through a press release that Bankpime’s clients will have more services available being part of CaixaBank.

The operation needs to be approved by regulation authorities. In addition, Bankpime’s General Assembly has to approve selling those businesses. Bankpime’s three main shareholders, which control 73% of the capital, have already engaged to vote in favour of Caixabank’s operation.