- Press Releases
• This restructuring will allow the bank to reinforce and develop its three priority spheres of operations: finance, business and, above all, social welfare.
“la Caixa” has concluded its transformation into the Banking Foundation Caixa d’Estalvis i Pensions de Barcelona, “la Caixa”, which was filed yesterday with the Registry of Foundations, thus complying with the provisions of Spain's Savings Banks and Banking Foundations Act, dated 27 December 2013.
The “la Caixa” Banking Foundation starts life with founding capital of 5,868 million euro, equivalent to 0.6% of current Spanish GDP, while it will manage a Welfare Projects budget of 500 million euro. The new Banking Foundation will control net assets of some 20,000 million, making it the largest foundation in continental Europe and the world’s third largest.
As part of the transformation, the current “la Caixa” Foundation will subsequently be dissolved and liquidated, with all assets and liabilities being transferred to the “la Caixa” Banking Foundation. At the same time, “la Caixa” will fully transfer the stake in CaixaBank to Criteria CaixaHolding, meaning the Banking Foundation will hold its interests in CaixaBank via Criteria, as well as debt instruments issued by "la Caixa".
Once all the requisite agreements have been adopted by the Banking Foundation and Criteria, this segregation is expected to be concluded in the final quarter of 2014.
As a result, the group fronted by the new “la Caixa” Banking Foundation will have the following core responsibilities: managing the totality of Welfare Projects, running all financial procedures associated with the CaixaBank stake, administrating debt instruments issued by “la Caixa” and overseeing investments in non-financial industries, held to date via Criteria CaixaHolding.
This restructuring will allow the bank to sustain, reinforce and develop its three priority spheres of operations: finance, business and, above all, social welfare.