CaixaBank held its general shareholders’ meeting in Valencia this Friday, the first as a consolidated group after the merger with Bankia, an appointment at which the dividend charged to 2020 and the bank’s new remuneration policy have been voted.
Specifically, Caixabank has agreed to distribute a gross dividend per share: 0.0268 euros, to be paid on May 24, 2021; the ex-dividend listing date is May 20, 2021. In total, 216.09 million euros will be earmarked for dividends. Thus, shareholder remuneration charged to financial year 2020 will amount to 15% of the pro forma consolidated profit of CaixaBank and Bankia, in line with the recommendations of the European Central Bank (ECB).
Merger CaixaBank and Bankia
The Chairman of CaixaBank, JoseÌ ?? Ignacio Goirigolzarri, explained today that the merger that CaixaBank and Bankia have just undertaken is “the strategic response to the enormous challenges facing the sector”, and defended that “our work as managers is to ensure the sustainability of the project ”. The merger “allows us to face the future from a privileged starting position”, although, at the same time, “it will force us to make very important strategic decisions, but, above all, to be an organization It is extremely flexible, capable of responding with great speed to a changing environment ”, said JoseÌ ?? Ignacio Goirigolzarri.
In his speech, Goirigolzarri highlighted that “CaixaBank has become the main financial group in our country, with a clear leadership vocation, thanks to the support of more than 21 million euros. clients in Spain and Portugal ”.
Ensure the sustainability of the project in the future
Goirigolzarri has started his intervention noting that with the merger “we are looking for a critical size to improve efficiency and have a greater investment capacity in technology and innovation, counting on greater financial robustness and sustainable profitability thanks to a balanced business mix and a high capacity to generate diversified income ”. And all this, “from values and a common culture, which mitigates the risk of implementation that all integration entails.”
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“The merger,” he added, “gives us an excellent starting point in terms of financial muscle to undertake the necessary investments, as well. as from the perspective of building a very attractive project to ensure the retention and attraction of the best talent ”.
Goirigolzarri stressed that “the merger is our strategic response to the enormous challenges we face as a sector and, in fact, the pandemic has been an accelerator of the enormous transformation that is taking place.” ? taking place in our competitive environment ”.
Among these challenges, he has pointed out in the first place “the environment of negative interest rates, a situation that is going to last for a long period of time, and this is in our minds. forcing us to rethink the traditional model, because certain activities are no longer profitable ”.
Secondly, Goirigolzarri has referred to “the technological revolution that affects all elements of the value chain of our business and that demands a profound reconfiguration of our banking core to be bad. It is efficient and to take full advantage of the use of new techniques, the adoption of which is undoubtedly a source of competitive advantage ”.
Finally, as a third challenge is the context of enormous competition that the sector faces. For Goirigolzarri, a double plane must be considered: “The first, in the world of financing. In this chapter, we are witnessing a very unique growth of non-bank competitors, what is often referred to as shadow banking ”.
The second chapter of growth in competition, according to the president of the entity, “estaÌ ?? in the world of retail banking, where the feedback from the change in customer habits and the technological revolution are making entry barriers fall in the sector ”. In this context, Goirigolzarri stressed that “our job as managers is to ensure the sustainability of the project in the future.” In this sense, he has stated that “the sustainability of a project, a sector or a company depends on the fact that society finds it useful, that society wants it to exist. And for this, we must not only achieve excellent results, but they must be based on a responsible management model where our clients are satisfied and our professionals feel recognized ”.
With this objective, he assured, “we must manage our organization from two references and one purpose. The references are: excellent corporate governance and a clear commitment to society. And the purpose is to be very close to our clients, covering all their financial needs and providing them with an excellent service ”.
Goirigolzarri has considered that excellent corporate governance is the necessary condition for the sustainability of a project. In this regard, he assured that “we are dealing with an excellent CaixaBank Board of Directors, with brilliant and complementary resumes, with enormous experience and with a 60% representation of independent directors. I would like to point out that 40% of the Council is here. made up of women, with a great professional career ”.