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Caixa Geral completes sale of Spanish unit to Abanca

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Caixa Geral completes sale of Spanish unit to Abanca

Caixa Geral de Depósitos SA completed the sale of its 99.79% stake in Spanish unit Banco Caixa Geral SA to Abanca Corporación Bancaria SA for €384 million.

The sale is part of Caixa Geral's €5 billion recapitalization plan, which is designed to shore up its ailing finances.

Caixa Geral said the transaction had a global positive impact of roughly 110 basis points on its consolidated common equity Tier 1 ratio, of which 30 basis points were already reflected in its June accounts as a result of a change in the valuation of the stake, while the remaining 80 basis points resulted from the deleveraging of the stake from the bank's balance sheet.

Meanwhile, Caixa Geral and Abanca signed an agreement aimed at formalizing terms of future commercial cooperation between the two banks, as well as ensuring that the migration of Banco Caixa Geral's individual and corporate clients respects a transition period.