During the presentation of CaixaBank’s results for the first three quarters of the year, CEO Gonzalo Gortázar emphasized that BPI continues to show a “very positive evolution” and praised it as a “fantastic and well-managed entity,” benefiting from the scale of the Spanish group.
Data released today in a press conference in Valencia indicated that BPI, under the control of the Spanish group since 2017, contributed 351 million euros to CaixaBank’s profits of 4.397 million euros for the first nine months of the year.
This contribution from BPI “does not include the results from holdings in BFA [Banco de Fomento de Angola] and BCI [Banco Comercial de Investimentos, Mozambique],” noted CaixaBank.
Recently, BPI sold 14.75% of BFA, retaining a 33% stake in the entity, in a transaction that netted approximately 103 million euros, announced to the market on September 29.
When questioned about the BFA stake, Gonzalo Gortázar stated that CaixaBank “does not plan any further divestments at this time,” although it is a “non-strategic holding” for the Spanish bank.
Gonzalo Gortázar was also queried about Novo Banco but declined to comment, emphasizing that CaixaBank never discusses “operations it studies,” neither before nor after.
The CEO assured that the Spanish group remains focused on its existing markets (Spain and Portugal), aiming to consolidate positions and grow organically.
“We are not considering growth through acquisitions,” he stated.
Regarding BBVA’s failed hostile takeover of Sabadell, another Spanish bank, Gonzalo Gortázar chose not to comment on the process but suggested national and European regulations should change to prevent such operations from dragging on excessively, as this one did, taking “very long” (one and a half years).
For Gonzalo Gortázar, European competitiveness is at stake, and such operations should be subject to regulations facilitating greater speed.
The CEO of CaixaBank noted that despite some failed takeovers in the eurozone, there remains a “certain pressure” for concentration in the banking sector.
The CaixaBank group, serving 20.6 million customers in Spain and Portugal, recorded profits of 4.397 million euros in the first nine months of the year, a 3.5% increase compared to the same period in 2024, the financial group announced today.
CaixaBank posted profits of 5.787 million euros in 2024, up 20.2% from 2023.
