Spanish Bank Created with International Calling

Isidro Fainé

Isidro Fainé Inquiring minds are in southwest Europe where an interesting the way to start a business happened…international calling:

CaixaBank, the bank into which the Catalan savings bank La Caixa has been converted, is born with ”international calling”. This claim was made today in Barcelona during the presentation of the 2010 results of the financial institute by its chairman Isidre Fainé. “The board of directors decided yesterday to create a bank”, said Fainé, quoted by Europa Press.

La Caixa closed the year 2010 with a result of 1.3 billion euros, 13.4% less than in the previous financial year. The savings bank booked 2.651 billion in commissions to deal with insolvencies and recorded a default rate of 3.71%.

Its core capital by the end of 2010 reached 8.6%, with a Tier-1 of 9.9%, ”much higher than the level that is required by the government” of savings banks for their recapitalisation.

The coverage rate was raised to 70%, and the liquidity level by the end of 2010 was 19.638 billion euros.


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