Caixabank to close down 800 branches and increase profit by 12%

Caixabank has planned to close down over 800 branches out of the 4,461 in operation now in the whole of Spain by 2021.

This is part of the 2019-2021 strategic plan for the Catalan-born bank, which moved its seat out of the country during the October 2017 political turmoil.

While some 40% of the over 3,000 branches in urban areas will be closed down, the roughly 1,000 in rural places will be kept.

The financial institution presented its project for the near future in London on Tuesday.

The strategic plan argues that the reduction of branches intends to “optimize” the network throughout Spain –and in exchange digital banking will be prioritized “to boost efficiency and flexibility.”

The model of ‘store’ branches, focused on assessing the clients and with longer opening hours, will be in exchange increased from 285 to over 600 by 2021.

These measures aim to contribute the firm increasing its profit from 9.4% to 12% within 3 years.

Caixabank is also willing to continue with an international expansion, as it has been doing in recent years.