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Our history

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our history

 
 
Bankia brand history

December 2010

On 3 December 2010, the Banco Financiero y de Ahorros (BFA) was created and, under this grouping, Bankia was born a few months later, the commercial name of the entity resulting from the merger of seven savings banks: Caja Madrid, Bancaja, Caja Canarias, Caja Ávila, Caixa Laietana, Caja Segovia y Caja Rioja.

Bankia cotiza bolsa

July 2011

Bankia goes public.  

May 2012

The State nationalises 100% of BFA and becomes the main shareholder of Bankia. José Ignacio Goirigolzarri assumes the chairmanship of the entity.

Bankia concluye Plan Estratégico 2012-2015 origen

November 2012

Bankia presents its 2012-2015 Strategic Plan.

Fin plan estratégico 2012-2015 origen

February 2016

Bankia concludes the 2012-2015 Strategic Plan, having fulfilled the requirements imposed by Brussels two years ahead of schedule despite the complicated macroeconomic environment.

Bankia fusión BMN origen

June 2017

Coinciding in time with the end the restrictions imposed by Brussels, Bankia materialises the merger agreement with BMN (Banco Mare Nostrum), giving rise to the fourth largest banking group in Spain.

Bankia presentación Plan Estratégico 2018-2020 origen

February 2018

Bankia presents its 2018-2020 Strategic Plan. The bank sets the goal of being the best bank in Spain in terms of efficiency, solvency and profitability, to ensure the sustainability of the project and generate value for its shareholders. 

Bankia principios ONU

May 2019

Bankia joins the Dow Jones European Sustainability Index, the Euronext Vigeo Eurozone 120 index and the S&P Europe 350 ESG, adheres to the UN Principles for Responsible Banking and signs the UN Collective Commitment to Climate Action.

Bankia’s origin dates back to July 2010, with the integration of seven savings banks - Caja Madrid, Bancaja, Caja Canarias, Caja Ávila, Caixa Laietana, Caja Segovia and Caja Rioja - in the form of an Institutional Protection Scheme (SIP).

Under this acronym, the new resulting group integrated its organisation and management, acting as a single entity for accounting and regulatory purposes.

On 3 December 2010, Banco Financiero y de Ahorros (BFA) was created and, under this grouping, Bankia was born a few months later, the commercial name of the entity resulting from the merger of these seven savings banks, which debuted on the stock exchange in July 2011 and had to deal with market turmoil when the Spanish economy unexpectedly fell into recession.

In 2012, the economic crisis that began in the United States four years earlier showed its most adverse effects in Spain, which led to the bailout of some financial institutions. In May of that same year, the State nationalised 100% of BFA, becoming the main shareholder of Bankia. Between 2012 and 2013, the BFA-Bankia group received 17,959 million euros of public aid, which would be added up to the 4,465 million injected in 2010, bringing the total to 22,424 million euros.

If Bankia had not been bailed out, the Deposit Guarantee Fund would have had to disburse 60,580 million euros to cover the bank's guaranteed deposits, an amount that is almost three times the public money injected into it and that, in addition, left a further 52 billion of the depositors without cover. Allowing Bankia to collapse would have also meant the loss of 21,000 jobs, with the direct and indirect impact this would have had on the economy.

A project for the future

To face the new phase that was commencing in the bank, Bankia appointed José Ignacio Goirigolzarri to chair the institution, who in turn appointed a new Board of Directors and renewed his management team. In November 2012, the bank approved a three-year Strategic Plan focused on improving the solvency, efficiency and profitability of the bank.

These objectives were presented on the same day that the European Commission approved the entity's Restructuring Plan, which imposed harsh conditions for the adjustment of installed capacity as consideration for the disbursement of European aid. This led to a 39% reduction of the branch network and a 28% reduction in the workforce until 2015.

The ultimate goal was to make the entity profitable to reward shareholders and ensure taxpayers could recover their investment.

After three years of work, which included a restructuring process amounting to 26,845 million euros, Bankia concluded its Strategic Plan in February 2016, having met the requirements imposed by Brussels two years ahead of schedule despite the complicated macroeconomic environment.

In July of that year, the results of the stress tests carried out by the European Banking Authority (EBA) were published, determining that the BFA-Bankia Group would be the most solvent Spanish bank in a highly adverse scenario of the economy, which reflected that the efforts made in recent years had paid off.

In 2017, Bankia ended its restructuring period and began a new growth period. The end to the latest limitations imposed by the European Commission coincided in time with the materialisation of the merger with BMN, giving rise to the fourth largest banking group in Spain.

Before the end of the year, BFA sold 7% of its stake in Bankia for 818.3 million euros. This transaction was added to that carried out in 2014, when 7.5% of the bank was sold for 1,304 million euros. These two divestments and the payment of dividends allowed the bank to make progress in repaying the aid.

Based on a highly solvent position, Bankia presented its new Strategic Plan in February 2018 , with the firm intention of becoming the preferred bank in Spain.

2019 marked a before and after for Bankia in the field of sustainability. The entity joined the Dow Jones European Sustainability Index as one of the most sustainable companies, became part of the Euronext Vigeo Eurozone 120 index and the S&P Europe 350 ESG, adhered to the UN’s Principles for Responsible Banking, signed the UN Collective Commitment to Climate Action and created the Sustainable Business and Financing Division.

Bankia ended 2019 as the best commercial year in its history and as the market leader for solvency among Spain’s largest banks. This position has enabled the bank to maintain a solid position during the first few months of 2020, enduring the economic effects of COVID-19 and providing its customers with solutions to deal with the complicated situation arising from the lockdown.

After the first few months of the pandemic, during which the entity focused on meeting these new customer needs, conversations began with CaixaBank to analyse a possible merger. The main reasons for this operation were to provide the resulting entity with a dimension and level of capital, profitability and efficiency that would place it in a strong position to deal with the present and future innovation and internationalisation challenges.

The persistent situation of negative interest rates experienced since 2016 and aggravated by the pandemic also became one of the incentives to embark on this process. In this way, the Group would be strengthened to deal with the consequences that COVID-19 could have on banks’ balance sheets. It was therefore an operation that would reinforce the financial stability of the country.

On 17 September 2020, the Board of Directors of Bankia approved the integration of Bankia into CaixaBank. The operation is pending approval by the Shareholders’ Meeting. If approved, it will lead to the creation of the first Spanish financial group.

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