The industrial holding of the main Catalan savings bank, ‘la Caixa’, made 1,823 million euros of net profit in 2010. Criteria will be the embryo of La Caixa’s new private bank, which will be called CaixaBank.
The insurance group of the Catalan savings bank ‘la Caixa’ earned 19,5% more than in 2009. The acquisition of Adeslas is a positive result for the VidaCaixa Grup.
Andreu Mas-Colell, the Catalan Minister for Economy, reflected on the issue at a ceremony, where savings bank La Caixa and Catalan universities were giving away up to new 20 grants for research projects. The objective is to prevent a possible brain drain in Catalonia. Mas-Colell said that once the sector reforms were accomplished, the financial entities would get more freedom.
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.
La Caixa, the first Catalan savings bank, is “open to all opportunities” offered by the new legislation.
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.