Kutxa

Kutxa headquarters in San Sebastian, Gipuzkoa

Kutxa (Caja Gipuzkoa San Sebastian) is a savings bank operating in the Gipuzkoa province of Spain. Kutxa, was set up on 1st December 1990, as the result of fusing the Caja de Ahorros Municipal de San Sebastián (created in April 1879) and Caja de Ahorros Provincial de Gipuzkoa (set up in July 1896). With €20.85 billion in assets at December 31, 2010, Kutxa is the main financial institution operating in Guipúzcoa, one of the three provinces of northern Spain's Basque Country. It holds market shares of about 40% and 50% of the province's customer loans and deposits, respectively. This dominant home market position, particularly among households, is one of Kutxa's key business strengths and has served it as a base to expand into other regions, gradually improving its geographic diversification. Kutxa's indisputable market position in Guipúzcoa results from its powerful market image and dense distribution network (covering a large number of small villages), and from the Basque Country's strong regional identity. At year-end 2010, Kutxa had 347 branches, of which 205 were outside Guipúzcoa. Kutxa also has 5 branches in France. Like all Spanish savings banks, Kutxa is not incorporated and has no shareholders. Its governing bodies include local and regional government representation, which acts without significant political interference.