Caja insular de ahorros de canarias bankia
Caja insular de ahorros de canarias bankia 2022
The Caja de Canarias was born as a consequence of an agreement of the Cabildo Insular of the island of Gran Canaria in the first months of 1939. The presence of an entity with the characteristics of a savings bank, joined, as tradition dictated, to a Monte de Piedad, was a necessity felt by the whole society, which was dragging and being dragged along by the aftermath of a war. The population of the island, especially of its capital, was in danger of losing the scarce savings it had and of not being able to undertake business projects due to lack of financing. A savings bank was then, in the not mistaken opinion of the Cabildo, an urgent necessity.
This presence of the institution, fundamentally marked by a closely regulated financial market, is noticeable in the basic sectors of our economy: agriculture, tourism, port, construction and commerce. Agricultural loans offer very attractive financing conditions, while support for tourism companies and those related to this sub-sector is palpably noticeable. The port is reinforced with the participation of La Caja in the creation of an important shipyard for naval repairs and families, on the other hand, saw their access to housing facilitated thanks not only to the loans and savings modalities that made the purchase of homes more attractive, but also to the promotions promoted by the entity; finally, commerce counted on La Caja as a natural ally for the development of its activity.
Caja madrid online
On July 30, 2010, Caja de Ahorros y Monte de Piedad de Madrid, Caja de Ahorros de Valencia, Castellón y Alicante (Bancaja), Caja Insular de Ahorros de Canarias, Caja de Ahorros y Monte de Piedad de Ávila, Caixa d’Estalvis Laietana, Caja de Ahorros y Monte de Piedad de Segovia and Caja de Ahorros de la Rioja signed an Integration Agreement for the constitution of a Contractual Group configured as an Institutional Protection System (SIP).
The original purpose of the Integration Agreement was the configuration of the Group as an integrated organization, recognized as a consolidable group from the accounting and regulatory point of view and as a concentration instrument from the point of view of competition regulations, contemplating the articulation of a wide-ranging financial integration, the integration of the management and ownership of the group’s business investments, and the centralization of the investment and divestment decisions of the existing and future portfolios.
Although there were those who bet on the merger of La Caja and CajaCanarias into a single financial entity of strictly regional obedience, one and the other followed their own path. While the latter ended up being a constituent part of a short-lived Banca Cívica (it was integrated into CaixaBank in August 2012), the Insular, with Suárez del Toro at the helm, was part of the germ of Bankia. The initial idea was that Bankia would only be the commercial brand of Banco Financiero y de Ahorros (BFA), an Institutional Protection System (an IPS, what was then known as a cold merger) resulting from the union of the banking businesses of up to seven savings banks: Caja Madrid, Bancaja, La Caja de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja.
That cold merger led, not after a few ups and downs, to the flotation of Bankia, for which it was necessary for Rodrigo Rato to devise a plan so that the problems of overexposure to toxic real estate assets suffered by BFA would not spoil the landing on the stock exchange. Suárez del Toro is one of the seven managers of the savings banks that germinated Bankia who appear in the famous photo after Rato rang the bell of the Ibex 35.
Caja general de ahorros de canariasbank
Failure of nationalism. The unsuccessful merger of the two Canary Islands savings banks has been, up to now, the great failure of nationalism. The insular lawsuit and the territorial immaturity of Coalición Canaria have prevented the Islands from having their own financing instrument today.
3. Difference in patrimonial assets. The savings banks were transformed into foundations. Caixa guaranteed a patrimony to Cajacanarias of 125 million Euros. Bankia, on the other hand, put it at less than 700,000 euros. The abysmal difference is based on the value attributed to the Obra Social. When the allocation was calculated, the shares of La Caja in BFA (Bankia’s parent company) became worth almost zero.
5.The stock market crash. Shortly after going public at 3.75 euros, the shares plummeted. The investment bank Nomura predicted a plunge of up to 0.2 euros. 400,000 shareholders are trapped.
8. Rato resigned. Rajoy’s government forced Rato out in May 2012 and replaced him with José Ignacio Goirigolzarri (ex-BBVA). BFA reformulated its accounts and 7,000 million euros in losses were revealed after reducing its stake in Bankia and regularizing tax assets. The Audiencia Nacional opened proceedings against the directors of BFA-Bankia.