The SIP Cajastur CAM and boxes of5

Written on August 13th, 2010 by admin

The SIP Cajastur, CAM and boxes of Cantabria and Extremadura provides benefits of 1,500 million in 2015.

The new bank created Caja Cantabria, Caja de Ahorros del Mediterraneo (CAM), Caja Extremadura Cajastur and through its institutional protection scheme (SIP) in 2015 reached a profit before tax of 1,500 million euros.

The solvency ratio will then by 14 percent and 45 percent efficiency, data that, in the opinion of the Cantabrian president of the box, Enrique Ambrosio Orizaola, "demonstrate the, fallen earth chips, viability" of the SIP.

In a press conference along with Minister of Economy and Finance of the Regional Government, Angel Agudo, Ambrose has acknowledged that it remains a "huge job" to launch what will be the fifth Spanish financial institution (third in the field of boxes ), but believes that "expectations of success are remarkable" and, yoville coins, has before it "a magnificent future."

The idea is that early next year, "approximately", the four banks participating in the 'cold fusion' can begin and his career as a unified group. To do this, I still have to save several previous steps.

The most immediate, just to start, is the negotiation of labor agreement with the respective councils, which have, ffxiv gil, already been submitted to the protocol of the integration. By late August or early September will reconvene to begin talks and realize the impact of integration on the templates and the network of offices in each box, which still has not been quantified for each entity.

In any case, the president of Caja Cantabria has insisted once again that the impact on the network of offices in the region will be "minimal" because "there is no overlap" between the four boxes, while foreign offices will put " in common. "

Also in late September, the entities must complete another step in the process. Then will meet their assemblies to give the "if definitive" to SIP, which will open the door to other paperwork with the horizon in early 2011 to begin now to work together.

"Stronger and better services"

According to the president of Caja Cantabria, the integration will require "cultural and organizational changes" in the four boxes, but this "will be born institutions stronger and more able to give better responsiveness to customers and society" in which move every one of those.

This is so because the gain in size will have better access to wholesale markets and strategic business. And besides, Ambrose pointed out that the four boxes will accede to 1,400 million euros of Frob (Sorted Banking Restructuring Fund).

Faced with certain "voices" and "doom" who predict the disappearance of the boxes each time there is movement in the sector, the entity responsible for the Cantabrian has stressed that its path so far has been "a road full of success" to the point that "compete with banks on an equal footing" and each case is in its natural territory, "the leader in credit and deposits."

"The leaps forward have not been a decline in the boxes, which were able to compete with notable success in the Spanish financial market, the more competitive world," Ambrose emphasized.

What's more, has opined that the reform of the Banks Act, which protected them from the "last bond" and allows them to capitalize, may compete "on equal terms with other financial players."

Maintenance of social work

What does not change, nor the Banks Act or with the integration, the social work that is "fully guaranteed". In Ambrose's opinion, could not be otherwise, since the Social Work is "the soul, the spirit that identifies the boxes," and qualification "can not be more than excellent cum laude.

Thus, recalled that in 2009 the Spanish box-set 1800 million euros allocated to social work, a figure which, according to the counselor Cantabro Economy, is the "second most important philanthropic work of the world", for behind the Bill Gates Foundation.

"Size matters"

Like Ambrose, also Sharp has praised the benefits of the integration of Caja Cantabria in the SIP, which the regional government makes an "extremely positive", not in vain, the Cantabrian institution became part of the fifth Spanish financial group (and seventh on the stress test).

"We will be among the greats. And the size, in this moment, if that matters," stressed the Minister, an idea endorsed by President of the Fund.

According Agudo, with the integration, the boxes may offer "more and better" products and services to citizens and businesses in their region and will also have more capacity to contribute more to the development of economic activity and job creation.

The Minister recalled that the regional government, which has been "permanently" informed of the integration process, made the decision to "not intervene directly," a position that, in his opinion, "has not been common in other governments, precisely those that have spoken of depoliticization of the box "and that, however, have" added more complexity "to the processes of integration.

In the case of Biscay, the Executive will continue to maintain that position "until the end of the process," an attitude that has thanked the President of Caja Cantabria.

Continuity charges

Finally, asked about the "doubts" that have been raised by their continuity at the head of the Fund and Javier Eraso as CEO of the entity, Ambrose has blamed the "bad interpretation" to a "wrong owner" .

In this regard, stressed that "at this point, not mentioned in either the short or medium term" the end of either. In his case, has explained that the "subject" to the renewal or not the process that will open from September or October, not because of the SIP.

Also explained that once the bank implement all four boxes "no executive responsibilities may be duplicated." "Either they will be in one place or another," he concluded.

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