Home » Technology » Gortázar (CaixaBank) sees the exit of Erste Bank as “strategic” to focus on the Iberian market

Gortázar (CaixaBank) sees the exit of Erste Bank as “strategic” to focus on the Iberian market

The entity owns 9.92% of the voting rights of Erste Group Bank

BARCELONA, 29 Oct. (EUROPA PRESS) –

The CEO of CaixaBank, Gonzalo Gortázar, assured this Friday that the exit of the entity from Erste Group Bank AG (EBS) does not respond to a negative decision, but rather a strategic one, in order to concentrate its operations in the markets of Spain and Portugal.

He said this in the presentation of CaixaBank’s results up to September, in which he recorded an adjusted profit of 2,022 million euros without extraordinary items associated with the merger with Bankia, compared to 726 in the same period a year ago.

The manager has argued that, from a strategic point of view, what the entity must do is be there where it can manage: “If not, we should not be”.

Asked if he considers the investment made in the Austrian bank positive, he replied that it will be determined by the exit conditions, but “it has been good” because the investment returns have been positive.

“It was an investment that was made by Criteria before the great financial crisis. I remember the loss of value of the sector in the crisis. Many entities lost all investment because they had existential problems,” he said.

Gortázar considers that Erste has been a “magnificent traveling companion”, with whom they have a good relationship, and has defended that the bank is very good, as well as its prospects.

CaixaBank reported last week to the National Securities Market Commission (CNMV) that it is considering divesting part or all of its stake in Erste, of 9.92%, depending on market conditions.

The entity has a 4.5% stake covered by share swap contracts, which can be settled in cash or by delivering the underlying shares to the counterparties of said contracts, and a 5.42% stake that is not cover.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.