Expansion / CaixaBank considers its participation in Repsol is not strategic, so it could transfer the 11.6% that controls Criteria, according to Financial Times.
The financial group La Caixa has given the clearest sign yet that he is prepared to restructure its industrial assets, a move that could include the sale of its 11.6% stake in Repsol to Criteria and placement Bag of most of its holding company from investments, says the president of La Caixa and CaixaBank, Isidro Faine, in an interview with Financial Times.
“We could decide to sell the stake in Repsol” the holding company, said the banker. Fainé describes the investment in the energy group as “a solid and liquid asset that provides income and diversification”, but stressed that “not strategic” for the bank.
Faine suggests he is willing to draw a line clearer between the financial group and its industrial subsidiaries. Under the current structure, shares of Repsol and 5% of Telefónica depend directly on CaixaBank, while other industrial holdings are deposited in the holding company Criteria, owned by the Foundation Bank La Caixa, which controls most of bank capital (58.9%).
Investments portfolio of investee La Caixa is by far the most important of Spain, giving the Catalan group and its president a big influence. Includes 34% Natural Gas (valued at 7,500 million euros) and 19% of Abertis (valued at 3,100 million), plus shares in the French group Suez Environnement and a few smaller Spanish companies.
However, Faine said: “I always had the idea of putting the holding company of subsidiaries in Bag … This is a project that is in my head, but depend on the decision of the board”
Although stresses that this decision is not imminent, a reorganization of this type would be the most significant step so far to unravel the complex web of holdings amassed by La Caixa for years. The sale of the stake in Repsol also allow CaixaBank which still relies heavily on dividends from its participadas- advance its transformation into a pure player in retail banking.
The participation of Telefónica CaixaBank not However, it is likely to be exempted from any reorganization, reflecting the conviction that exists within the lender that the digitization process will allow banks to reap synergies with one of the largest mobile operators in Europe.
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