banks

All the Catalan savings banks are in the process of becoming regular banks. In the last 6 days, all the savings banks have been defining their future and they are all going in the same direction: transforming their structures into those of a regular bank. The first stage was the merging process that took place before summertime and now, with the new banking rules at international, European and Spanish level, savings banks are finding it easier to continue operating as regular banks. The old model is thus finished.

The Catalan bank Banc Sabadell reaches the 8% milestone by issuing 126.4 million new shares, which represent 10% of its capital. The movement is part of the bank’s strategy to strengthen its capital, foreseeing the future stress tests and the Basel III rules.

In reaction to the latest announcement from the Spanish Government, the savings bank Unnim is studying ways of becoming a bank. The financial institutions is waiting for the Spanish Government’s new rules for the financial entities regarding their solvency and their “core capital”.

The chairman of BAA Angela Knight urged savings banks to reconsider their strategy and find diverse ways to finance themselves. The insisted that narrowing the market to a single territory is increasing their exposure to the economic context.

The Catalan savings bank owed the 1.63% of the oil company Repsol. By selling all its stakes, it earned 448 million, which represents a profit of 186 million euros. The financial entity made this operation to increase its core capital, in order to be ready for the banking stress test.

Banc Sabadell received 27.4% less profit compared with the same period in 2009. The net profit has been calculated after deducting a provision to cover a potential increase of debtors. The financial entity saw credit loss provision increases of 38% until its third trimester.

The new savings bank group will be called Mare Nostrum and it will be the 4th in Spain. The 4 savings banks will keep their brand and sum up more than 4 million clients.

The Catalan financial entity approves 'cold merger' with 6 other Spanish savings banks in a move expected to create 'positive' results for Catalonia. The new savings banks will keep the brands of the 7 merging entities. The project is lead by Caja Madrid, which was Spain’s second savings bank after the Catalan La Caixa

Today the new name and image of the second Catalan savings bank as a result of the Caixa Catalunya, Caixa Tarragona and Caixa Manresa merger was presented. CatalunyaCaixa will be the new brand, which has been decided upon after negotiations and strategic studies. CatalunyaCaixa has not yet decided if it will look for more capital.

Economic crisis is hitting some families unmercifully. 40,000 families that could not pay back their mortgage have lost their homes, according to a study made by the General Workers’ Union (UGT) and a consumers association presented today. A judicial procedure that permits banks and savings banks to survey homes and put them up for auction for 50% of their value is putting thousands of families in the risk of social exclusion.

Three Catalan saving banks have merged into a single lender that will close up to 395 branches around Spain. The result of the merger is still without a name.

The Catalan and Quebec Governments are working together on an initiative to create business alliances in order to strengthen economic bonds and gain access to financial credits.

The Catalan bank, Banc Sabadell, has an important presence in Florida, where its U.S. headquarters are located at the heart of Miami?s financial district. Banc Sabadell is Catalonia?s 2nd financial institution and the 4th in Spain.

The largest financial institution in Catalonia and the largest savings bank in Europe, La Caixa, agreed to merge with Caixa Girona. Yesterday evening, La Caixa?s board approved the merger with the medium sized Girona savings bank.

The Catalan savings bank Caixa Laietana has finally decided to participate in the merger led by Caja Madrid. This merger would allow all the savings banks to keep their names as separate brands.