Ibercaja begins the process to go public

Ibercaja Banco

announced this Thursday its intention to go public through an initial public offering for the sale of ordinary shares to qualified investors.

Specifically, the offer will consist of a

existing

by the majority shareholder of the bank, Fundación Ibercaja, which owns 88.04% of the shares.

As of today, the remaining 11.96% of the shares are in the hands of the Fundación Círculo de Burgos, the Fundación Inmaculada de Aragón and the Fundación Caja Badajoz.

Through the offer, Fundación Ibercaja intends to reduce its stake in the bank to below 50% in order to

.

However, even if the stake is less than 50% after the offer, the Ibercaja Foundation plans to retain control of the bank.

Specifically, once the offer is completed and assuming that the over-allotment option is fully exercised, Fundación Ibercaja will own 46.09% of the shares of Ibercaja Banco.

The Ibercaja Foundation will allocate part of the income obtained from the offer to the constitution of a reserve fund in the Foundation for potential recapitalization needs of the bank, if necessary, in the terms established by the Banking Foundations Law.

As reported by the entity to the

(CNMV), it is planned to apply for admission of the shares to the Madrid, Barcelona, ​​Bilbao and Valencia Stock Exchanges for trading.

Transformation

Ibercaja believes that becoming a listed company "will speed up the ongoing transformation in the commercial, operational and financial areas that it has already been undergoing by reducing the risk level of its balance sheet, improving its solvency, its transformation process and the revitalization of its commercial dynamism".

The bank also hopes to expand its shareholder base through this offer by incorporating institutional investors and a

, which will allow it to improve its access to capital markets and obtain additional financing for its future growth.

Becoming a publicly traded bank can provide certain additional benefits, including greater brand recognition, greater transparency, as well as enabling stronger relationships with

, both internal and external.

"historic" operation

"We are facing a historic IPO operation for Ibercaja Banco, which strengthens the confidence that we all have in the bank's future prospects, thus continuing the 145 years of exemplary trajectory that precedes us. We are convinced that it is the best option available to promote the competitiveness of our corporate project and, at the same time, comply with the Law on Banking Foundations, which requires our main shareholder to reduce its participation in the capital to below 50%, from the 88% it holds currently", assured the president of Ibercaja Banco,

.

For his part, the CEO of the entity,

, has stressed that "intense" work has been done to face this challenge with guarantees.

"Over the last strategic cycles, we have significantly improved our solvency, asset quality, risk profile, corporate governance, efficiency and profitability, having also promoted an important transformation of our commercial, operational and financial model," he said. outstanding.

"In addition, we have differential competitive advantages: market leadership strongly rooted in our traditional areas (Aragón, Rioja, Guadalajara, Burgos and Extremadura); consolidated presence in the most dynamic areas of the country (Madrid and the Mediterranean Basin); a powerful and reputable Financial Group, which is also 100% owned by the Bank and which provides us with a recurring and diversified revenue base, exemplary corporate governance, and a broad and diversified base of loyal customers with high levels of satisfaction with the financial service. global received", he added.

The entity was prepared to go on the market in March 2020, but the arrival of the Covid-19 pandemic ruined the plans for its debut on the parquet;

some preparations that the bank had started at the end of 2018.

Conforms to The Trust Project criteria

Know more

• economy

BancaCaixaBank pays 571 million to Mapfre for the breach of the bancassurance agreement

Macroeconomics The Ibex 35 rises 7.9% but ends 2021 as the stock market furthest behind in a year of market records

EconomyThe initiative to ask for more human attention in bank offices exceeds 200,000 signatures on Change.org

See links of interest

• Last News

• Work calendar 2022

• Home THE WORLD today

• Economy Podcast

• How to do

• Check Christmas Lottery 2021

• Check Child's Lottery

• Coronavirus

• Celta de Vigo - Osasuna

• Real Sociedad - Atletico Madrid

• Barcelona - Vallecano Ray

• Valencia CF - Seville