Wednesday, January 11, 2012


BBK in Biscay, Kutxa in Gipuzkoa and Vital in Alava board of directors signed two months ago basque savings banks merger. It’s a good new for basque economy, because all the deal of the three savings banks will mix in the new bank, called KutxaBank. This bank will start to operate this month.

The incorporation of the three savings banks will create the fifth savings bank in the ranking. It had 75,091 million euros in assets the last day of 2010. It will have more than 9,000 workers and more than 1,300 offices. The offices will be apart from in the Basque Country, in Madrid, Barcelona and Andalusia. We have to remember that six months ago BBK take over Andalusia’s CajaSur. His principal capital will be around 12.8%, perfect competence to take over more savings banks if it’s necessary.

In the new savings bank, BBK will have the control with a participation around 57%, and 12 chief executives, Kutxa’s participation will be around 32% and 6 chief executives, and to finish, Vital the 11% of the participation with 2 chief executives. BBK’s director will be the director of the new savings bank, and Kutxa and Vital’s directors will get the first and second vice presidency respectively.

The new savings bank will have his registered office in Bilbao, where the economic-finnancial head office will be located. Computing and Human Resources activity will be located in Donostia-San Sebastián, and the institutional trades in Vitoria-Gasteiz. They decided this kind of distribution, to divide the payment of taxes between the three foral funds.

BBK, Kutxa and Vital will keep their legal status, the administration of their charitable work and the trade name on each historical territories. They hope that with the merger the savings bank Kutxabank will multiplicate for three the outcome, from 380 million euros in 2010 to 846 million euros in 2015. Charitable work will increase 133%.

Erik Rios Salazar

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