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2010

The Banco Financiero y de Ahorros is constituted and it celebrates its first advice

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  • 21 advisers that form the Board of Directors of the new society and were proposed by savings banks, have been gathered today in Valencia to put in operation the IPS after the constitution of the bank that have subscribed chairmen.
  • The new company will begin to operate starting from 2011, such as they promised three months ago seven savings banks in its General Assemblies when they approved the Integration Contract and once obtained authorisations required by the autonomous communities and other organisations.
  • The IPS becomes the first company in retail banking and of on the market national companies for turnover and in the third Spanish financial institution, with some assets of 340,000 million euros.

English version (PDF, 52 kB) / Download photo chairmen (IMG, 1.62 MB)/ photo managerial frontline (ZIP, 13.1 MB) / annexe timescale IPS (PDF, 33 kB)

03-12-2010. Caja Madrid's chairmen, Bancaja, La Caja de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja have been gathered today in Valencia to constitute the parent company of the IPS, Banco Financiero y de Ahorros, S.A, in virtue of which and in accordance with a defined calendar, mutualizarán the 100% of its results, will integrate part of its businesses and they will establish a system of overall treasury that it allows them to improve its access to markets, to strengthen its solvency and to create value to give greatest service to individuals and companies.

From the functional point of view, an operational integration will be made and technological and business policies and strategies will be centralised, preserving the legal entity of the companies, governing bodies, the brand and the management of the banking business retailer, in its origin territories and the Obra Social.

21 members of the Board of Directors of the IPS proposed by seven companies and designated today, have been gathered after the constitution of the bank to appoint to the chairman, Rodrigo de Rato Figaredo, to the deputy chairman, José Luis Olivas Martínez, and to the general secretary and of the advice, Miguel Crespo Rodríguez. They have delegated Additionally the faculties executives in the chairman and the faculties executives of Participated and Audit in the deputy chairman, have approved other documents related to the operation of the Bank and they have designated to seven members of the managerial frontline.

The Board has approved Matías's appointment Amat Roca as a Managing Director of Participated, Aurelio Izquierdo Gómez as a Managing Director of Business, Ildefonso Sánchez Barcoj as a Financial Managing Director and of Risks and Pedro Vázquez Fernández as a Managing Director of Means. In addition, Luis Maldonado García-Pertierra has been appointed director of Chairman's Office, Strategy and Development Corporate and Miguel Ángel Soria Navarro, director of Audit.

The General Committee of the Bank today has approved the capital increase and the issuance of common stocks, as a provision to the non money contribution of the right of mutualización, as well as the issuance of preferred stocks that will allow the subscription of the 4,465 requested million euros to the Fund for Orderly Bank Restructuring (FROB) and approved by the Banco de España.

In the General Committee of the Bank, savings banks have rights that them correspond according to its holding in the capital, that on the base of its individual assessment, is of the 52.06% for Caja Madrid, 37.70% for Bancaja, 2.45% for La Caja de Canarias, 2.33% for Caja de Ávila, 2.11% for Caixa Laietana, 2.01% for Caja Segovia and 1.34% for Caja Rioja. Certain agreements' adoption of special importance require reinforced majorities (75% or 93% of rights of total vote).

Brand

Savings banks will maintain its own brand in the territories of influence, that have been specified as follows: Caja Madrid (Community of Madrid and Community of Castile-La Mancha); Bancaja (Valencian Community and Balearic Islands); La Caja de Canarias (Canary Islands); Caja de Ávila (province of Ávila); Caixa Laietana (province of Girona and Barcelona, except municipality of Barcelona); Caja Segovia (province of Segovia); and Caja Rioja (Community of La Rioja). Similarly, Caja de Ávila will have responsibility on the management of Salamanca and Caja Segovia on the management of Valladolid. Furthermore, in the municipality of Barcelona, Caja Madrid, Bancaja and Caixa Laietana will maintain the ownership of its respective office networks. In the rest of territories the Group will operate with a common brand, in which is being worked.

Savings banks will go on contributing to the economic growth and to the promotion of the business activity and of the Obra Social, especially in its traditional territories. The companies concerned in this process, that they become shareholders of the new society, they want to maintain nature that it gave origin to savings banks, which is why have been compromised to promote activities of his Obra Social, directing them to the needs of the society at all times.

Synergistic gains The Group, that it will have its investee companies company headquarters and address in Valencia and its operational headquarters in Madrid, wait to obtain some synergistic gains or increasing saving every exercise, reaching the 500 annual million euros starting from 2013.

The technical teams of immersed savings banks in the project have worked these months in nine working groups (Financial and Accountant; Legal Fiscal; Human Resources; Retail Banking and Development of the Business; Risks; Technology and Operations; Cash Management and Markets; Participated; and Communication), in order to define the model of operation that will have every area in the new Company, as well as the model to guarantee the operation of activities during the period of technological integration of all savings banks.

To achieve these integration objectives of the IPS and to fulfill acquired commitments with the FROB, the Group will do an effort to improve the efficiency, which is why it will carry out a policy of costs saving in central services close to the 10%. Additionally studies ratios of efficiency of different branches, and it considers figures of close of the 12%, which it will take unspoken the necessary work reductions, that they can arrive at the 14% -figure lower than other similar processes-, and will be done mostly via pre-retirement in the next two years. To search great consensus, savings banks signed on 10 September an Employment Guarantee Agreement with representatives of the Negotiating Committee's workers and they are working to guarantee the balance between interest of all parties concerned.

With the constitution of the Bank, the IPS initiates a great challenge that it places in a relevant position of the financial outlook national and European.

ANNEXE I: Managerial frontline members IPS

  • Matías Amat Roca. Managing Director of Participated - Graduated in Economics for the Central University of Barcelona. Currently is Managing Director for Business of Caja Madrid and chief executive of Corporación Financiera Caja Madrid.

    In Caja Madrid it has occupied Financial Managing Director's the position of Caja Madrid. In addition, is adviser in various societies on behalf of Grupo Caja Madrid. It worked in Citibank, where was Managing Director of the above-mentioned bank in Mexico. It went also chief executive of S.G. Warburg in Spain.

  • Aurelio Izquierdo Gómez. Managing Director of Business - Graduated in Economics And Business Studies, Chartered Accountant and member of the Record of Economists Auditors of Accounts. Currently squatter the general directorship of Bancaja.

    Previously has carrying out in the company the address of the Financial Area, with responsibility in the Areas of Cash Management and Capital market, International Banking, Corporate Banking, Investments and Investee Companies, Management and Audit Control. Similarly is adviser in various societies on behalf of Bancaja Group. Prior to joining Grupo Bancaja acted part of its occupation in the Group Bank Bilbao Vizcaya and in Arthur Andersen.

  • Ildefonso Sánchez Barcoj. Financial Managing Director and of Risks - Graduated in Economics for the Complutense University of Madrid. Master in Business Administration (MBA) University of Houston (Texas). Currently is Managing Director Financial and of Caja Madrid's Means.

    Previously, has carrying out in Caja Madrid directorships of the Unit of Caja Madrid's Means, director of Audit, director of Retail Banking, as well as Altae Banco's Managing Director (Grupo Caja Madrid). It is adviser in various societies on behalf of Grupo Caja Madrid.

  • Pedro Vázquez Fernández. Managing Director of Means - Graduated in Economics And Business Studies by the Autonomous University of Madrid. Chartered Accountant. Currently squatter the attached general directorship of Bancaja and Group Operation director Bancaja.

    Previously has carrying out in Bancaja the directorship of Marketing and Director of Resource Management Technicians. Previously acted its activity in Arthur Andersen and Co.. and subsequently in Avidesa/Luis Suñer, S.A. as a Financial director.

  • Miguel Crespo Rodríguez. General Secretary and of the Board - Prosecutor. Currently squatter the charge general secretary and of the Board of Directors of Caja Madrid, secretary of the Boards of Directors of Corporación Financiera Caja Madrid, S.A., Altae Banco, S.A. and secretary of the Board of Trustees of the Fundación Caja Madrid.

    Before joining Caja Madrid, occupied general secretary's the position and of the Board of ING Direct Spain. It has been adviser of societies as a Credit and Caución S.A. and the State Company of Industrial Shares (SEPI).

  • Luis Maldonado García-Pertierra. Office director of Presidency, Strategy and Development Corporate - Graduated in Law and in Economics And Business Studies by the Comillas Pontifical University (ICADE), Commercial and Economist Technician of the State and it possesses a postgraduate course one in Business administration by the Georgetown University (Washington, DC). Currently squatter director the position of Caja Madrid's Chairman's Office.

    Prior to joining Grupo Caja Madrid was director of Strategic Consultancy of the Financial Sector in PricewaterhouseCoopers. Similarly worked in the International Monetary Fund.

  • Miguel Ángel Soria Navarro. Director of Audit - Graduated in Economics And Business Studies for the University of Navarre, possesses a Masters degree In law of the Company for the same University. From 2007 squatter the Bancaja Financial directorship, with the maximum responsibility in the areas of Intervention and Control, Cash Management and Capital market, Overall Management of the Risk, Consultancy Fiscal and Corporate Development. In addition, is member of the Board of Directors of Bancaja Management of Assets and Bancaja Investments. From 1997 and until joining Bancaja in 2004, acted its occupation in Arthur Andersen, in the area of financial audit and in the development of internal audit and consultancy projects organisational and financial of different sectors. It is member of the Account Auditors Official Register.

ANNEXE II: Independent advisers of the IPS

  • Juan Llopart Pérez. - Graduated in Law and Economics. It is adviser of Group Zeta and chairman of its Executive Committee. Adviser of Seeliger and International Count, S.L, Productions Quartz adviser, S.L., NH Hoteles's adviser, S.A., adviser of SOS Food Corporation, S.A., adviser of INDUKERN, S.A., adviser adviser of CIRSA Business Corporation, S.A. It has been also adviser and held charges in various financial institutions as a Banking Jover, Banco Santander, Caixabank, Bank of Europe, Bank Blacksmith, Mapfre Bank and Mortgage Corporation Head office.
  • José Manuel Serra Peris. - Prosecutor. It is member of the Board of Directors ENCE, S.A., Financial Corporation Alba, S.A. and Natraceutical, S.A., Iberia, L.A.E., S.A. and Martinsa. It has been member of the Boards of Directors of the State Company of Industrial Shares (SEPI), and of the State Company of Patrimonial Shares (SEPPA). It has been member of the Board of Directors and of the Executive Committee of ENDESA, as well as of RED ELECTRICA DE ESPAÑA, S.A. and of Uralita, S.A.

Footnote

(c) Banco Financiero y de Ahorros S.A.U. 2014. Spain. All rights reserved.