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In the Nueva Murcia Forum

Goirigolzarri: "We must consider and deal with the reputation of the financial industry because it is fundamental for the future of society"

The president of Bankia stressed that “we must listen to what society is asking from us" and that the financial sector "must be profitable and transparent".

Communication Bankia

By  Communication Bankia

Publish on 
14 November 2018 - 14:45

  • The president of Bankia admits to being "very satisfied" with the merger with BMN because the goal was to achieve a "fast and efficient" process
  • Goirigolzarri announces that 180,500 customers are already exempt from paying operation fees in the Region of Murcia
  • He stressed that Bankia "believes in Murcian businesses" and mentioned that it has financed 18,000 business projects and has led the financing of the largest photovoltaic plant in Europe, in Mula

The president of Bankia, José Ignacio Goirigolzarri, argued in Murcia that "we must consider and deal with the reputation of the financial sector because it is fundamental for the future of society."

Goirigolzarri took part in an informative luncheon organized by Nueva Murcia Forum, attended by authorities and business people of the Region, presented by Carlos Egea, executive director of Bankia.

The president of Bankia stressed that “we must listen to what society is asking from us" because "it is obvious that society is very disappointed with the functioning of the financial system during the crisis", but advised that we should "always question the financial system so that decisions can be taken made at all levels that may be welcome in the short term but end up being negative for society as a whole.”

In this regard, he explained that for the industry to be solid it "must be profitable and transparent" because, if the profitability is below the cost of capital required by investors, the system will be a hindrance, because it will be undercapitalised and not able to finance its economy, acting as a brake for the development of the country.

Goirigolzarri acknowledged that "Bankia is a paradigm" because "it meant the recognition of mistakes made in the past" and "the establishment of a clear differentiation between the past and current management."

"While we take all this into fruition, we must explain to society what our role is", he pointed out, to later stress that "we must show that a solid financial system is essential to ensure a sustainable growth of the Spanish economy, which is, in turn, the means to ensure a better standard of living for citizens and the necessary condition to fight against unemployment."

Similarly, the president of Bankia highlighted that Spanish mortgages have the lowest rates in Europe, along with Portugal and Finland, and that the current mortgage system, "although it clearly has room for improvement" has been "very positive for Spanish society" and allowed 80% of the population to own a home, a much higher percentage than in the rest of Europe.

Team effort and professionalism

He also stated that he was "very satisfied" with the merger process with BMN because the main objective of the entity was "to carry out a fast and efficient process." "Personally, I have experienced more than 30 merger processes in different countries and I can state that the one carried out this year has been very positive", he said.

In this regard, he announced that, thanks to the merger, a total of 180,500 customers in the Region of Murcia are not paying rates with only a payroll account "it is essential that all customers have the same products and conditions available."

Goirigolzarri thanked "the huge help from our ambassador in the Region, Carlos Egea", as well as "the effort and professionalism" of the entire Bankia team. He has also acknowledged "the support" of regional and local authorities, the Caja Murcia Foundation and the Regional Confederation of Business Organizations of Murcia (CROEM).

He assured that, at the end of this month, the entity will “conclude” the human adjustment process derived from the merger with BMN, a key factor to prevent "uncertainty."

"The Region of Murcia is our home"

While addressing Murcian businesses, the president of the entity has insisted that Bankia was committed to be "as close as Caja Murcia was" and stressed that "the Region of Murcia is our home." "We were born here and even though we changed our name over the years this region is an important part of our history and our present" he said.

He also stressed that the business industry is one of the main priorities of the bank because "we believe in Murcian businesses." "We believe in the significant entrepreneurial and exporting nature of this Region, and we deeply believe in its present and its future," he said.

Goirigolzarri has communicated that, according to this principle, the entity has financed 18,000 business projects and has led the financing for the construction of the largest photovoltaic plant in Europe, located in Mula, for an amount exceeding 200 million euros.

In addition, he highlighted the value that Bankia has created and the fact that the company reinforced the three business centres of Murcia, Cartagena and Lorca, and signed an agreement for 20 million euros with Avalam, the reciprocal guarantee society of the Region of Murcia, to support small and medium-sized businesses and self-employed people of the autonomous community.

"A new era in the Spanish economy"

The president of Bankia also used this opportunity to analyse the outlook of the Spanish and international economies. Global growth, he pointed out, is led by the United States of America and the European economy is experiencing "a clear slowdown" as a result of Brexit, Italy and the slowdown in international trade.

Regarding the Spanish economy, he emphasized that we are facing "a new stage" within the expansive cyclical phase with growth rates slightly above 2.5% this year, which become 2.2% or 2.3% next year.

"We cannot say that this loss of momentum is a negative surprise, since it is within what we have been expecting for a few quarters" he admitted.

Goirigolzarri has pointed out that "the two great challenges" in the medium and long term of the Spanish economy are the level of public debt and unemployment. "When I speak of unemployment, I’m not only talking about the need for significant economic growth in the coming years, because this is a necessary condition, but not sufficient, I am talking about the employability of human capital, a concept that is closely linked to that of education", he stated, saying that education is "the most important unfinished business we have in Spain."

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