José Ramón Iturriaga: Change of Marea

The hair shines differently. I mean the top executives of the banks in Spain. They begin to believe. They transmit confidence. For the first time in a long time they are seen that they have everything under control. And they also doubted. … Like many other market agents also thought that abnormally low types were the new normality. They had come to stay. The long duration of this exceptional period in which money was worthless ended up making a dent.

And not even in the first bars of the type rise dared to throw the bells on the flight. Several years have been necessary to recover trust. And now they believe it again. Smile. It has been necessary to put their fingers in the sores to reaffirm into the benefits of the banking business model. They have had to do with their own eyes the evolution of the results account in a normal environment to trust again.

After a long journey in the desert they are able to look to the future in another way. In fact, they are convinced that they have a large cycle of results ahead. Accompany everything. They accompany the interest rates that will not return or close to where they have come to be for so long. Accompany, of course in Spain, the economic cycle. It accompanies the low indebtedness of families and companies. And this time it will be differential in the profitability of the system, in fact, it is already being, the huge adjustment that the bank has made in recent years.

They already believe it. They are going to the attack. They want to take advantage of this wave that they know can go far. And the market is also beginning to believe. After many years in which it has been the piñata to which the market shook without compassion, the shots have changed. The stock market behavior at this 2025 start is a good sign of this. And probably the best is what they still have. As the main executive of one of the largest banks in Spain commented last Friday drinking coffee with investors, the discounts with which the Spanish retail banking with respect to the American is not at all if we take into account that the Spanish now It is more profitable. Well that.

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