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Meeting with Galician entrepreneurs

Goirigolzarri: "A sound financial system is necessary to ensure sustainable growth in the economy"

The president of Bankia has put in value the transformation of the entity, "going from being a history of restructuring to being a history of growth" and with the objective of "being the preferred entity for Spanish society".

Communication Bankia

By  Communication Bankia

Publish on 
23 May 2019 - 18:15

  • The chairman of Bankia argues that banking must be "profitable" and "transparent" and that it is necessary to "care and take care" of the reputation of the sector "by listening to what society is asking from us"
  • Analyse the future prospects of the financial industry at a luncheon-colloquium with the Confederación de Empresarios de La Coruña (CEC)

The chairman of Bankia, José Ignacio Goirigolzarri, argued that "a solid financial system is necessary to ensure sustainable growth in the economy, which in turn is the means to ensure a better standard of living for citizens and the necessary condition to fight against unemployment ".

Today, Goirigolzarri gave a conference entitled 'Future outlook of the financial industry' at a luncheon-colloquium held with businessmen of the Confederation of Entrepreneurs of La Coruña (CEC) at the Pazo de Mariñán in Bergondo.

The chairman of Bankia pointed out that, currently, the profitability of Spanish banks is "below the capital cost", a situation that "is not sustainable in the long term". This circumstance could lead to the under-capitalisation of the financial system and, as a consequence, "it would not be able to increase its credit portfolio and finance the economy, thus slowing down its growth".

"Society must not think that banks should not make money. Banks must have appropriate profitability, because unprofitable banks, or banks with insufficient profitability to attract capital, cannot finance the growth of the economy", Goirigolzarri said to more than fifty Galician entrepreneurs.

I believe deeply in a financial system model that is profitable and transparent, and customer service.

José Ignacio Goirigolzarri
Chairman of Bankia

For Goirigolzarri, maintaining a permanent suspicion about the financial system means that "decisions may be taken that, although perhaps well received in the short term, they are bad for society in the long term".

"I believe deeply in a financial system model that is profitable and transparent. A financial system that finds its justification in customer service, because without them there are no jobs, salaries or legitimacy", he said.

In this regard, he mentioned the need to "care for and take care of" the reputation of the industry, "listening to what society is asking from us" because, he acknowledged, "society is very disappointed with the operation of the financial system during the economic crisis".

"When we look towards the future, the first thing we must ensure is that our behaviour responds to clear and defined values and principles, which requires excellent corporate governance practices", he underlined, "we must explain the usefulness of the banking system to society".

Goirigolzarri also explained that one of the challenges of the financial industry is the technological revolution that "is tearing down the barriers to enter the financial industry", which he considers "a great opportunity", and profitability , due to regulations and to "the pressure in the line of income" motivated by negative interest rates.

"The bank preferred by Spanish society"

Bankia's chairman told Galician entrepreneurs that "Bankia is possibly the clearest example of transformation in the industry" and highlighted the fact that "Bankia's history has gone from being a history of restructuring to being a history of growth", which is supported by the release of all the restrictions that we had and which allows us to be "very active in property development, along with corporate banking or capital market activities".

Additionally, he said that Bankia's overall goal is to become "the preferred bank by society", which requires being the "most profitable, efficient and solvent bank in Spain".

In this regard, Goirigolzarri pointed out that "the reason for the great change that we have experienced at Bankia is the transformation of the Bankia team's mindset", which he defined as a team with "pride of belonging" who feels like the "owner of the project, because the results are the work of each and every member of the team".

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