CaixaBank is preparing to buy the sixth bank since 2010 – Business Journal – Portugal

CaixaBank is preparing to buy the sixth bank since 2010 – Business Journal – Portugal

Only during the financial crisis, the CaixaBank bought five Spanish institutions and increased its balance sheet by more than a third. It is now preparing for the sixth acquisition since 2010, with the takeover bid for BPI.

Who is the bank that wants to buy the BPI? The CaixaBank, La Caixa Group, is the third largest Spanish bank by market value, behind Santander and BBVA. However, it has a network of agencies and higher market share than any of its rivals in the neighboring country

Since 2010, the Catalan bank has already bought five banks -. Cash Girona, Bankpyme, Civic Banking, Bank Valencia and, last year, the business of Barclays in Spain – having advanced on Tuesday for the sixth, the Portuguese BPI. With these acquisitions made during the financial crisis, CaixaBank increased its balance sheet by more than a third, according to the Financial Times.

At six hours from Lisbon this Tuesday, February 17th, the Catalan bank presented the preliminary announcement of the takeover bid (OPA) on the institution led by Fernando Ulrich, the third Portuguese private bank.

According to the Spanish El Pais, citing sources close to the bank, the institution led by Isidro Fainé want, with this operation, strengthen the BIS capital and advance to the purchase of the New Bank.

The CaixaBank is already the largest shareholder of BPI, with 44.1% of the capital and four members on the Board. The CaixaBank want, as revealed in a statement that the BPI continues quoted in the Portuguese market. Moreover, the Catalan bank that is in BPI’s capital for twenty years, has announced it wants to keep the current administration “whose management could protect BPI instability affecting the financial system in recent years.”

The Catalan bank ended the year 2014 with a net profit of 620 million euros, representing an increase of 23% over the previous year. In the presentation of results, the bank’s president, Isidro Fainé, stressed that the purchase of Barclays “reinforced” leadership in several areas that bank has a market market share of 15% in deposits and credits.