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The Government extends until 2025 the term to leave the capital of Caixabank

Date: December 3, 2023 Time: 00:02:57

In the current context of economic uncertainty, which was unleashed after the start of the war in Ukraine, and the high volatility suffered by the markets, the Government has announced that it will approve, at the next meeting of the Council of Ministers on Tuesday 27, extending two years additional period for divestment of the State in Caixabank. With this agreement, the deadline for the sale of the stake held by the FROB in the entity chaired by José Ignacio Goirigolzarri is extended until December 2025.

In a statement, the Government explained that the expansion “seeks to ensure greater efficiency in the use of public resources, maximizing the recovery value of the State’s participation and thus responding” to the ultimate objective of protecting the general interest.

In this context, the Ministry of Economic Affairs has pointed out that the divestment process must take into account “the current context of uncertainty and high volatility in the markets”, as well as “the potential of the action” of Caixabank to “continue evolving from favorably, in an environment of rising interest rates”.

Currently, the FROB has only one active stake, which began in 2013 with the acquisition, through BFA, of 68.69% of Bankia. Following the merger by absorption by Caixabank, the FROB obtained a 16.12% stake in the capital of Caixabank.

Likewise, and after the completion of the purchase program of

shares and the capital reduction approved this Thursday by the entity, this participation stands at approximately 17.3%.

This will be the fourth extension of the initial sale term to be carried out. The first will be completed in December 2016, the second in 2018 and the last in February 2021, with an extension of the divestment period until December 2023. With the agreement of the Council of Ministers, the current date will be extended until December 2025, has recorded the Executive.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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