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Tenth Financial Meeting

José Sevilla: “Bankia maintains its plans of distributing 2,500 million Euros among its shareholders”

The CEO, who participated in the X Financial Meeting, reflected on the current panorama of the financial sector and the global economy and took stock of the state of the entity, whose objectives are set on the client and in meeting the shareholder.
 

Communication Bankia

By  Communication Bankia

Publish on 
14 October 2019 - 15:00

Bankia's CEO, José Sevilla, has pointed out that the bank is committed to distributing 2,500 million euros to its shareholders by 2020. "In a context in which returns are going to be lower than we expected, we believe that we will be able to achieve excess capital above 12% CET 1 fully loaded thanks to a combination of the returns retained these years, the dividend paid and the faster than expected reduction of non-performing assets (NPAs),” he pointed out.

During his speech at the Tenth Financial Meeting, held by Expansión and KPMG, Sevilla recalled that following the integration of BMN, Bankia approved a three-year strategic plan with various objectives, notably the reduction of non-performing assets, commercial boosting and improving profitability and capital.

As regards profitability, the CEO has indicated that the situation of the financial industry as a whole is "not the best, and not optimal for achieving the objectives" and he has underlined that, in the case of Bankia, he would prefer if the level of profitability matched the cost of capital.

In an attempt to improve the situation, Sevilla is committed to "working with the objective of providing the best customer service and improving the capacity to generate income with better products, but also adjusting our sources of financing costs".

The manager, who considers that "it makes a lot of sense" to find a "better time" for the privatisation of Bankia due to the current economic environment, has indicated that the scenario of more negative rates for longer periods of time "encourages" a merger process that improves the issues with costs.

"Consolidation makes more sense in this environment," he said, noting that in the last two years there have been two operations of consolidation: the merger of BMN with Bankia and Popular with Santander.

As an overview, Seville has reviewed the situation of the current economy and has wondered when fiscal policy will take over monetary policy, which is having "somewhat detrimental" side effects for the economy as a whole.

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