Criteria CaixaBank share will drop to 40% before the end of 2017 – Investing.com Spain

MADRID (Reuters) – Criteria said on Thursday that will reduce its stake in CaixaBank (MC 56.8 percent now to 40 percent by the end of 2017 in order deconsolidation its stake in the bank.

Criteria, which is controlled 100 percent by the banking foundation “la Caixa” already has ongoing operations (an asset swap between the two entities and an emission exchangeable) bonds that will mean a reduction to 49 percent, so that further disinvestment would be 9 percent.

the Bank of Spain introduced in late 2015 a series of obligations to encourage the separation of the activity of banking foundations – old savings banks, many of whom perished in the crisis- the strictly banking foundations requiring diversification of investments and the provision of a reserve fund within five years.

as an alternative to this provision, foundations can choose to divest banks to lose control of them, as intended Criteria, also leaving be required to comply with the minimum levels of regulatory capital taxes on banking.

in the case of the Catalan deconsolidation will mean in practice, the transformation of Criteria from finance company in investment holding, since it controls the industrial empire of the Catalan group except shares Repsol (MC and Telefonica (MC :), hanging from CaixaBank.

in addition to reducing its stake, Criteria may not exceed 40 percent representation on the board of CaixaBank, among other conditions for deconsolidation.

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