The government does not intend to completely sell its participation in CaixaBank at least during this legislature. He Council of Ministers plans to approve in your meeting today, except for the last minute change, the extension of the deadline to disinf … Bank in Spain by volume of assets until the end of 2027, as ‘the newspaper’ has advanced and has been able to confirm ABC in knowledgeable sources.
In mid -2027, Pedro Sánchez’s legislature ends and new elections will have to be held. By then, the future of the 18% participation that the FROB, dependent on the Ministry of Economyit has in the entity it will still be in the air and the decision must be adopted by the following government that leaves the polls. Something that is not a surprise for the market since the resolution authority itself had already dropped a few months ago its intention to stay a few more years in capital.
This also contrasts with the trend that has been followed in Europe after the stock market assessment of the sector has triggered. In other countries such as the United Kingdom, Holland, Italy or Ireland governments have taken the opportunity to sell part of their public participations in banks.
This is the fifth occasion that the government decides to expand the deadline to leave CaixaBank. The first was in 2016, and then the extensions of 2018, 2021, 2022 and now 2025 came. The last mandate to unintention more years.
And all this occurs despite the enormous revaluation that public participation in the entity has had. When the negotiations for the absorption of Bankia by Caixabank were announced, the percentage in the hands of the Frob It had a value of less than 2,000 million euros, very impacted by the Covid crisis. Now, to the market, the 18% that the State has in the Catalan entity has a stock market value of almost 8.2 billion euros.
Several months ago, the president of Frob, Álvaro López Barcelóhe already said in the Commission of Economy, Commerce and Digital Transformation of Congress that the main objective of the institution is to try to recover the maximum possible of the public rescue that occurred to Bankia (more BMN, which also ended in Bankia). The total public rescue amounted to just over 24,000 million euros.
López Barceló, thus, already pointed out in his appearance then that the market still saw greater potential to the actions of Caixabank in the stock market, supported by the reports of the experts of the investment banking and international analysts. A potential that was then calculated from 25%, back in October last year, which justified that the Frob was eternalized in the capital of the Catalan entity.
Minimum sale of shares
Beyond that, Frob is currently immersed in a minimum sales process. But nothing has to do with total disinversion but with an adjustment that already the Minister of Economy, Carlos bodyhe revealed in an interview months before.
As ABC published, the FROB has already undertaken a first tiny sale of shares last December to stop 18.1 to 18% current. The Executive does not want to exceed 18.1% of the capital of Caixabank, something that was taking place due to the repurchases of shares that the financial entity has launched the last two years. For this work, the FROB hired an intermediary, Bank of America. An investment bank to intermediate this minimum sale of shares, whose contract with the public authority is unknown.
When CaixaBank absorbed Bankiathe State stayed with 16% of the resulting entity. But that number has been reviewed upwards because of the repurchases of actions that the bank has done -thus that the rest of the sector -which are a way beyond the traditional dividend of remunerating the shareholders. “A repurchase of shares is a financial operation in which a company acquires its own market shares,” says CaixaBank herself in her blog. The objective is to reduce the social capital of the group, which increases the percentage of ownership of each shareholder and also that the benefit is increased by each one. To avoid exceeding 18.1%, the FROB makes these minimum sales of market shares in a process that has not yet ended.
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