The state will remain in CaixaBank’s capital until 2025 after the government extended the deadline, signaling a continued stake and ongoing management of the bank’s future. The current commitment stands at 17.63 percent, reflecting a measured withdrawal plan rather than an abrupt exit from involvement. This decision will be formally approved by the upcoming Cabinet meeting, scheduled for Tuesday, December 2025, and marks a new deadline for the sale of the government’s 17.63 percent holding through the Spanish resolution agency FROB.
The expansion, described as the fourth extension, aims to improve how public resources are used. It seeks to maximize the recovery value of the state’s stake while safeguarding the broader public interest. The government notes that this strategy is anchored in the need to adapt to evolving market conditions and to preserve the stability and resilience of CaixaBank during a period of volatility.
The divestment process must consider the current market uncertainty and the potential for CaixaBank’s shares to perform positively in a rising interest rate environment. This cautionary stance reflects a balance between reducing state exposure and ensuring a prudent, value-driven approach to public investment.
The 17.3 percent stake held by FROB originated in 2003 with the acquisition of Bankia through Bankia’s parent company, BFA, and later expanded as the group integrated several regional entities. After the absorption of Bankia and the completion of the integration of multiple boxes, CaixaBank acquired a 16.12 percent stake in the resulting entity’s capital following the share purchase program and a capital reduction approved by the business.
The sale extensions have followed a pattern: the first extension occurred in December 2016, the second in 2018, and the last in February 2021, extending the disposal period to December 2023. In October, the head of FROB explained to Congress that it would be reasonable for the state to continue its involvement beyond 2023, given market volatility and the current macroeconomic context. The overarching goal remains clear: maximize the amount recovered from the public aid extended to Bankia at the time, while recognizing the complexity of unwinding the support already provided.
The BFA-Bankia group represents a substantial public investment, including a €22.424 billion infusion in total. Of that amount, €10.620 billion went to Bankia, a listed subsidiary, and BMN received a further €1.645 billion. These figures underscore the scale of the intervention and the continued task of aligning public interests with CaixaBank’s evolving operation in a competitive financial market.