Caixa Galicia (Caja de Ahorros de Galicia) was a Spanish savings bank and was the largest banking entity in the autonomous community of Galicia, with 25 per cent of the Galician market and a significant presence elsewhere in Spain and abroad. With more than 4,500 employees, it operated a network of more 800 local branches, 367 of which were located outside Galicia. The Bank also had branches and offices in Portugal, Switzerland, US and South America. As of 31 December 2009, Caixa Galicia had total assets of EUR 46.08 billion. In November 2010, following the financial crisis of 2008-2010, they signed a merger deal with Caixanova to create a new regional savings bank, Novacaixagalicia.
Head office address:
Caixa Galicia branches outside Spain
August 2, 2010
Today, Fitch Ratings decided to maintain Caixa Galicia’s financial ratings, with financial strength of C, the same level as that issued by the British agency in March 2009. Fitch gave Caixa Galicia a long-term rating of BBB (previously BBB +) and a short-term rating of F3 (from F2). In its assessment of Caixa Galicia, the agency assesses the Spanish economic context as negative, due to high rates of unemployment, the increase in public debt and high dependence on external funding.
July 30, 2010
Caixa Galicia Group Profit Before Tax rose to 59 million euros over the first half year following provisioning and write-offs of 178 million, which means a 12 % y-on-y decrease of consolidated results. The Caixa Galicia Group maintains a maxim prudence strategy that gives priority to advances in key parameters given the current context of economic fragility and financial instability: Solvency, Liquidity and NPLs.
June 28, 2010
This afternoon both Caixanova and Caixa Galicia boards approved merger protocol and plan to create financial entity with 90,000 million euros of business volume and network of over 1,100 branches. Boards of both cajas approved the projects and petition for 1,162 million euros from Bank of Spain and FROB (Fondo de Reestructuración Ordenada Bancaria) Commission. The Galician cajas will present documentation officially to Bank of Spain tomorrow.