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Report: CaixaBank to focus on growing insurance and fund management business

Spain's CaixaBank SA wants to diversify its revenues and plans to grow its insurance and fund management business, according to the bank's Chairman Jordi Gual, Spanish newspaper ABC reported.

Speaking at his first shareholder's meeting since taking office last year, Gual said the bank was aiming for a return on tangible equity, a key profitability ratio, of between 9% and 11% in 2018. The bank trimmed its ROTE estimate for 2018 in February from a previous estimate of 12% to 14%.

He also said the bank was focusing on cost containment and reducing problematic assets.