Ibercaja You have freer hands to manage your future without ties. Aragonese presence Close to completing the reserve fund exceeding 300 million euros This, which began to be provided a year and a half ago, represents a definitive and indefinite freeze on the IPO. This will save you from having to jump in the stock market by following the alternative suggested by the stock market. Bank of Spain’s compliance with new banking regulation that emerged after the 2008 financial crisis represents, in practice, a strengthening of the independence and roots in Aragon of the ninth Spanish bank, which is focusing its efforts on launching next spring. A new strategic plan 2024-2026 to address digitalization and business transformation.
Ibercaja Banking Foundation, which owns 88.04% of the shares, has been contributing regularly to the fund created with the authorization of the supervisory authority since mid-2022. Complying with the Cash Law, By transferring 60 percent of the fees it accrued from its profits to its shareholders, the bank had provided 260 million dollars to this mechanism by September 30, that is, 83 percent of the total that had to be paid. Completed before the end of 2025.
Considering the last quarter of 2023, the coverage percentage could be even higher, but this will depend on the final amount of the reserve fund. This is calculated based on total benefits and Risk weighted assets at year end. Originally when the process started the capability to be achieved was: 316 millionAn amount that will predictably be slightly higher.
Although the organization did not specify the exact date when 100 percent will be reached, this is expected to happen in the coming months as 2024 progresses. What is certain is that it will happen well before the deadline for compliance with the alternative reserve. Since its debut on the stock market There are still two years until the deadline (until the end of 2025).
Changes at the top
With the entry into force of a law passed in 2013, former savings banks became banking foundations, but their Reducing the participation rate in credit institutions to below 50%. The way to achieve this was to privatize some of the capital by going public. The alternative to this path was to create a reserve fund that would guarantee financing needs in case of difficulty.
Ibercaja was preparing to switch to the stock market in 2020, when the auditor’s initial deadline expired, but Pandemic and the Spanish Government granted a two-year extension. In January 2022, the bank officially launched its stock market plan by making it available to the public. National Exchange Commission (CNMV) ITF document detailing the steps to be followed to quote (intent to slip). The operation was disappointed again. drum beat war in ukraine and the high fluctuations in the markets in the weeks preceding the Russian invasion of this country make it inadvisable to take such an important step for the future of the organization at that time.
Months later, Bank of Spain makes deadlines flexible again to comply with regulatory requirements and, most importantly, to support the reserve fund alternative that Basque Kutxabank pursued several years ago.
2023 profit points to a record
In this way, Ibercaja has once and for all freed itself from the pressure to go public, which it was required to do as a legal obligation and which is no longer an obligation. However, the organization does not rule out entry into the stock market in the future, but He will choose this path only when the market situation is favorable.without bonds or maturity requirements.
Ibercaja will announce its 2023 results in February, when it will likely make record profits, as will much of the banking sector. until SeptemberThe organization earned 280 million euros, 68.6% more.
leading being Victor Iglesias It is currently focused on the launch of the new 2024-2026 strategic plan, which will be announced in April. As a preliminary step to confront this process, he announced this week: Reshaping the management structure, This gives some clues about what the priorities will be in this period. The main innovations include the emergence of a new area that will focus on payments and consumer business, and the strengthening and integration of the Business Banking area (also new). Strategy and transformation that will benefit from the institution’s pace of change on issues such as digitalization.