DOCSLIB.ORG

“La Caixa” Banking Foundation Group

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
“La Caixa” Banking Foundation Group “la Caixa” Banking Foundation Group Consolidated Financial Statements and Consolidated Management Report for the year ended 31 December 2017 Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see Note 2). In the event of a discrepancy, the Spanish-language version prevails. Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain. In the event of a discrepancy, the Spanish-language version prevails. INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS To the Board of Trustees of Fundación Bancaria Caixa d’Estalvis i Pensions de Barcelona, ”la Caixa”, Report on the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Fundación Bancaria Caixa d’Estalvis i Pensions de Barcelona, “la Caixa” (the Foundation) (the Parent) and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2017, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in total equity, consolidated statement of cash flows and notes to the consolidated financial statements for the year then ended. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated equity and consolidated financial position of the Group as at 31 December 2017, and its consolidated results and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain. Basis for Opinion We conducted our audit in accordance with the audit regulations in force in Spain. Our responsibilities under those regulations are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements, including those pertaining to independence, that are relevant to our audit of the consolidated financial statements in Spain pursuant to the audit regulations in force. In this regard, we have not provided any services other than those relating to the audit of financial statements and there have not been any situations or circumstances that, in accordance with the aforementioned audit regulations, might have affected the requisite independence in such a way as to compromise our independence. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Impairment of investments in associates Description Procedures applied in the audit As described in Note 8, the Group has Our audit procedures included, among ownership interests in the share capital of others, the review of the design and associates that amounted to EUR 18,270 implementation of the relevant controls million at 2017 year-end and for which an that mitigate the risks associated with the impairment loss of EUR 111 million was process to assess the impairment of the recognised. investments in associates, as well as tests to verify that the aforementioned controls Determining whether there is any operate effectively. objective evidence of impairment of the net investment giving rise to a loss with an We also obtained and analysed the impact on estimated future cash flows valuations of the aforementioned requires the use of significant judgements investments performed by management of and estimates by management of the the Group, and verified the clerical Group, both in determining future cash accuracy thereof and the appropriateness flow discounting as the valuation method of the valuation method used in relation to and in considering the key assumptions the investment held. In addition, we established for each method in question reviewed the future cash flow forecasts (use of correction factors to adapt the and compared them with external data and comparable data considered, use of historical information of the investees in discount rates, etc.). order to assess the reasonableness thereof. - 2 - Impairment of investments in associates Description Procedures applied in the audit The matters indicated above, and the We checked that the main assumptions significance of the investments held, led us considered in the model are reasonable to determine the situation described to be based on public information on the a key matter in our audit. business sector in which the investee operates and also reviewed the sensitivity analysis prepared by the Group. We involved our in-house valuation experts in the performance of our procedures in order to evaluate the methodology employed by the Group in the analysis conducted, the discount rates considered and the terminal value, expressed in perpetuity growth terms, of the projected future cash flows, where appropriate. Lastly, we evaluated whether the disclosures included in Note 8 to the accompanying consolidated financial statements in connection with this matter are in conformity with those required by the regulatory financial reporting framework applicable to the Group. - 3 - Ownership interest held in the CaixaBank Group Description Procedures applied in the audit As described in Note 1, in 2017 the Group Our audit procedures included, among fulfilled the conditions established by the others, an understanding of the conditions European Central Bank for the established by the European Central Bank deconsolidation of the CaixaBank Group for and the response planned by the Group, prudential purposes. Compliance with the identification of where decisions about these conditions entailed, from an the investee’s relevant activities are made accounting standpoint, the Parent of the and the assessment of the influence, if Group ceasing to have control over the any, that the Parent might have over the CaixaBank Group. Consequently, the CaixaBank Group. Group excluded its investment in CaixaBank, S.A. from the scope of We also assessed the Parent’s consolidation for accounting purposes and representation on the CaixaBank Group’s now considers it to be an associate that is management bodies and the mechanisms accounted for using the equity method in through which the voting rights of its the consolidated financial statements. ownership interest are exercised. In this connection, accounting for the We obtained a legal opinion regarding the ownership interest using the measures implemented by the CaixaBank aforementioned method gave rise to the Group, Fundación Bancaria la Caixa and derecognition from the Group’s Criteria Caixa, S.A. (Sole-Shareholder consolidated financial statements of the Company) in relation to the CaixaBank Group’s assets and liabilities deconsolidation conditions relating to and the recognition of the ownership corporate governance. interest retained at its fair value at the Lastly, we evaluated whether the date when control was lost. This loss of disclosures included in Notes 1 and 8 to control required a complex analysis of the the accompanying consolidated financial Parent’s ability, or otherwise, to exercise statements in connection with this matter power over its investee. For that reason, are in conformity with those required by we considered this matter to be a key the regulatory financial reporting matter in our audit. framework applicable to the Group. - 4 - Valuation of investment property and property inventories Description Procedures applied in the audit The Group manages a portfolio of real Our audit procedures included, among estate assets for lease (“Investment others, the review and assessment of the Property”) and owns a portfolio of land, valuation process for property assets. housing developments in progress and completed housing developments Also, we conducted tests to verify the (“Property Inventories”) located completeness of the information used as throughout Spain, the carrying amounts of the basis for estimating impairment. which at 31 December 2017 were EUR In this connection, with the cooperation of 1,137 million and EUR 1,637 million, our internal experts in the valuation of respectively (see Notes 7 and 11). property assets, we: (i) evaluated the The Group measures its investment competence, capability and objectivity of property at acquisition cost, less the the experts engaged by the Group to value related accumulated depreciation, and its property assets, as well as the recognises impairment losses, where adequacy of their work to be used as audit appropriate, if the market value of the evidence, (ii) analysed and concluded investment property falls below its upon, for a sample of appraisals carrying amount; in addition, the Group determined on a selective basis, the measures its property inventories at the reasonableness of the valuation lower of acquisition cost and net realisable procedures and methodology used by the value, to which end
Load more

Recommended publications
  • Informe Bancario Anual
    Anexo 5 - Informe bancario anual En cumplimiento de lo dispuesto en el artículo 87 de la Ley 10/2014, de 26 de junio, de ordenación, supervisión y solvencia de entidades de crédito, a partir del 1 de julio de 2014 las entidades de crédito tendrán la obligación de publicar por primera vez, especificando por países donde estén establecidas, determinada información en base consolidada correspondiente al último ejercicio cerrado: En virtud de lo expuesto, se detalla a continuación la información requerida: a) Denominación, naturaleza y ubicación geográfica de la actividad CaixaBank, SA, con NIF A08663619 y domicilio social en Barcelona, Avenida Diagonal, 621, es la entidad surgida del proceso de transformación de Criteria CaixaCorp, SA que culminó con la inscripción de CaixaBank en el Registro de Bancos y Banqueros del Banco de España el día 30 de junio de 2011, y el inicio de su cotización en bolsa, ya como entidad de crédito, desde el día siguiente, 1 de julio de 2011. Asimismo, CaixaBank es el banco a través del cual la Caja de Ahorros y Pensiones de Barcelona ”la Caixa” ejercía su actividad como entidad de crédito de forma indirecta de acuerdo con sus estatutos. En el marco de la entrada en vigor de la Ley 26/2013, de 27 de diciembre de cajas de ahorros y fundaciones bancarias, la Asamblea General Ordinaria de ”la Caixa” aprobó en su reunión celebrada el 22 de mayo de 2014 llevar a cabo la transformación de ”la Caixa” en Fundación Bancaria (en adelante, la Fundación Bancaria ”la Caixa”), que se hizo efectiva el 16 de junio mediante la inscripción en el Registro de Fundaciones.
    [Show full text]
  • Evolución De Los Principales Grupos Bancarios Españoles (2009-2021)
    Evolución de los principales grupos bancarios españoles (2009-2021) Intervenida por BE (sustitución de administadores) Capital controlado por el FROB Integración SIP Constitución del banco 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Integration processes I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D Santander Santander Banco Popular Banco Popular Banco Pastor BBVA Caixa Sabadell BBVA Caixa Terrasa Unnim Unnim Banc Caixa Manlleu BBVA Caixa Catalunya Caixa Tarragona Catalunya Caixa Catalunya Banc CX Caixa Manresa La Caixa Caixa Girona La Caixa Caixabank Caja Sol Caja Guadalajara Caja Sol Caixabank Caja Navarra Banca Cívica Caja Burgos Banca Cívica Caixabank Caja Canarias Banco de Valencia Banco de Valencia Caja Madrid Bancaja Caixabank Caja de Ávila Caja Segovia BFA-Bankia Caja La Rioja Caixa Laietana Caja Insular de Canarias Bankia Caja Murcia Caixa Penedés Caja Granada Mare Nostrum Banco Mare Nostrum BMN Sa Nostra Banco Sabadell Banco Guipuzcoano Banco Sabadell Banco Sabadell Caja de Ahorros del Mediterráneo CAM Banco CAM Banco Sabadell Banco Gallego (Grupo NCG) Banco Gallego Bankinter Bankinter Unicaja Caja Jaén Unicaja Unicaja Banco Caja Duero Unicaja Banco Caja España Caja España de Inversiones Banco CEISS Cajastur Unicaja CCM CCM Cajastur Banco Caja Cantabria Liberbank Liberbank Caja Extremadura Caja de Ahorros Inmaculada CAI Caja Círculo Católico de Burgos Caja 3 Banco Grupo Caja 3 Caja Badajoz Ibercaja Banco Ibercaja Ibercaja Banco Kutxa Caja Vital BBK BBK Kutxabank Kutxabank CajaSur CajaSur Banco Etcheverría Caixa Galicia Abanca Caixa Nova Novacaixagalicia NCGBanco Evo Banco C.R.
    [Show full text]
  • Outlooks on Five Spanish Financial Groups and Three European Bank Branches Revised Following Outlook Revision on Spain
    Outlooks On Five Spanish Financial Groups And Three European Bank Branches Revised Following Outlook Revision On Spain Primary Credit Analyst: Elena Iparraguirre, Madrid (34) 91-389-6963; [email protected] Secondary Contacts: Luigi Motti, Madrid (34) 91-788-7234; [email protected] Carlos Cobo, Madrid +34 91 788 72 32; [email protected] Fabio Mostacci, Madrid +34 91 788 72 09; [email protected] Alexander Ekbom, Stockholm (46) 8-440-5911; [email protected] Nigel Greenwood, London (44) 20-7176-7211; [email protected] Thierry Grunspan, Paris (33) 1-4420-6739; [email protected] E.Robert Hansen, CFA, New York (1) 212-438-7402; [email protected] • On Nov. 29, 2013, Standard & Poor's revised the outlook on the long-term sovereign credit rating on Spain to stable from negative. • Spanish banks continue to rebalance their funding profiles. They are reducing their reliance on funding from the ECB and foreign sources, increasing the weight of more stable domestic retail funding in the mix, and sharply reducing the cost of domestic deposits. We expect this trend to continue, particularly in the context of stabilizing sovereign creditworthiness. • We now see a stable trend for industry risk in Spain. We continue to view the trend for economic risk as stable. • We are revising to stable from negative the outlooks on four Spanish banking groups and three branches of European banks, and to positive from stable the outlook on one institution. We are maintaining negative outlooks on six other Spanish banking groups. • In three cases, the stable outlooks reflect the diminishing likelihood of a rating downgrade as risks in the operating environment in Spain are abating.
    [Show full text]
  • Order Execution Policy
    ORDER EXECUTION POLICY 1. Introduction 2. Scope of the policy 3. Application 4. Specific aspects 5. Specific client instructions 6. Execution venues 7. Selection of brokers 8. Records of orders 9. Information to clients 10. Review and assessment of the policy ORDER EXECUTION POLICY 1. INTRODUCTION The law No. 14/2010 relating to the legal regime for banking institutions and the basic administrative regime for entities operating in the financial system sets out the requirements to be complied with by banking institutions when providing organisational and functional investment services for the purpose of protecting the interests of investors. This law sets out the principles laid down in Directive 2004/39/EC of the European Parliament and Council of 21 April 2004, known as "MiFID", relating to financial markets, which sets out the best banking practices through the implementation of steps for the protection of investors. The law also regulates the activities undertaken by financial institutions in relation to investment instruments to ensure that they take all reasonable steps to obtain the best possible result for their clients’ transactions, subject to and taking into account price, the cost of execution, execution speed and the likelihood of executing and settling the order, the size and nature of the order, and any other aspects that may be deemed relevant to the execution of the order. This document summarises the steps that have been taken by Crèdit Andorrà (hereinafter referred to as the "Institution") in relation to the execution of its clients’ orders and which constitute the execution policy of the Institution. 2. SCOPE OF THE POLICY This order execution policy applies to all transactions carried out by the Institution on the client’s behalf.
    [Show full text]
  • Caixabank and Bankia Boards of Directors Approve Merger Plan to Create Spain’S Leading Bank
    CaixaBank and Bankia Boards of Directors approve merger plan to create Spain’s leading bank • The Boards of Directors of both entities have approved the operation, to be executed as a merger by absorption of Bankia by CaixaBank, which must be approved at the General Shareholders’ Meetings. • The agreement consists of an exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share and includes a 20% premium over the exchange ratio at the closing of 3rd September. • The new entity, which will maintain the CaixaBank brand, will be the leading bank in Spain with more than 20 million customers, a 25% and 24% share in loans and deposits respectively, and a diversified and balanced geographic presence. • José Ignacio Goirigolzarri will be the executive chairman of the entity, with Gonzalo Gortázar holding the position of CEO. • José Ignacio Goirigolzarri has remarked with this operation, we will become the leading Spanish bank at a time when it is more necessary than ever to create entities with a significant size, thus contributing to supporting the needs of families and companies, and to reinforcing the strength of the financial system”. "The new entity will continue to carry out the best corporate governance practices". • Gonzalo Gortázar stressed that "the merger will allow us to face the challenges of the next 10 years with greater scale, financial strength and profitability, resulting in greater value for our shareholders, more opportunities for our employees, better service to our clients and a greater capacity to support Spain’s economic recovery." • The Board of Directors will be made up of 15 members, of which 60% will be independent.
    [Show full text]
  • Los Bancos Cuantifican El Impacto De La Reforma En Casi 23.000 Millones
    MARTES, 15 MAYO 2012 ECONOMÍA LA VANGUARDIA 53 La reestructuración del sistema financiero llan otras entidades financieras. En cuanto a las cifras publica- Los bancos cuantifican el impacto das ayer, sorprendió la del Banco Popular-Pastor, que se elevó has- ta los 2.314 millones, la tercera más alta. La entidad que preside de la reforma en casi 23.000 millones Ángel Ron recordó que, al haber llevado a cabo la integración del Pastor, dispone de dos años para El FROB aprueba la entrada del Estado en el capital de BFA-Bankia llevar a cabo el saneamiento. Se- rá con “las reservas disponibles y por la propia generación de re- EDUARDO MAGALLÓN necesidades de provisiones de to- cursos del grupo, sin necesidad Barcelona El impacto de la última reforma financiera das las entidades. Así pues, la po- de ayudas públicas”. sible unión de los cuatro bancos En cuanto al BBVA, la entidad Una treintena de bancos informa- En millones de euros nacidos de la fusión de varias ca- confirmó que el impacto de la re- ron entre el domingo y ayer de BFA-Bankia 4.813 jas –Unicaja, Ibercaja, BMN y Li- forma era de 1.800 millones de que el impacto de la nueva refor- berbank– crearía un conglome- euros. El efecto “se reflejará en ma financiera es de 22.794 millo- Santander 2.700 rado con unas necesidades de los estados financieros del Grupo nes de euros. Esa cantidad es algo dotación derivadas de la nueva BBVA a 31 de diciembre del 2012 inferior a los 28.000 millones pre- Popular-Pastor 2.314 reforma de 2.721 millones.
    [Show full text]
  • Corporate Presentation 4Q 2020 Disclaimer
    Corporate Presentation 4Q 2020 Disclaimer The purpose of this presentation is purely informative and should not be considered as a service or offer of any CaixaBank and by the rest of the Group companies it may contain certain adjustments and reclassifications in financial product, service oradvice, nor should it be interpreted as, an offer to sell orexchange oracquire, oran order to harmonize the accounting principles and criteria followed by such companies with those followed by invitation for offers to buy securities issued by CaixaBank, S.A. (“CaixaBank”) orany of the companies mentioned CaixaBank. Accordingly, and particularly in the case of Banco Português de Investimento (“BPI”), the relevant herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly data included in this presentation may differ from those included in the relevant financial information as available information. Any person atany time acquiring securities must do so onlyon the basis of such person’s published byBPI. own judgment as to the merits or the suitability of the securities for its purpose and only on such information as In particular, regarding the data provided by third parties, neither CaixaBank, nor any of its administrators, is contained in such public information set out in the relevant documentation filed by the issuer in the context of directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, such specific offer or issue and after taking any professional or any other advice as it deems necessary or comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any appropriate under the relevant circumstances and not in reliance on the information contained in this presentation.
    [Show full text]
  • Historia Del Grupo Del Grupo 1904
    HistoriaHistoria del Grupo del Grupo 1904 Orígenes: la Caja de Pensiones para la Vejez A principios del siglo XX Francesc Moragas fundó, con el apoyo de diversas entida- des de la sociedad civil catalana, la Caja de Pensiones para la Vejez. Su objetivo: estimular el ahorro y la previsión. Hoy podría parecer una iniciativa meramente financiera, pero en aquel contexto his- tórico de inestabilidad, con una grave crisis social, constituía una iniciativa pionera para ayudar a las personas más desfavorecidas, evitando así la exclusión financiera. Moragas creó una institución privada con un nuevo concepto económico y social del ahorro, que fue precursora a escala nacional de la previsión social, uno de los pilares del actual estado de bienestar. Francesc Moragas (1868–1935), impulsor de la Caja de Pensiones para la Vejez 1905 La Caja de Pensiones para la Vejez abre sus puertas al público Apuesta por la proximidad y la vinculación con el territorio, con la apertura de ofici- nas en los principales pueblos de Cataluña. Los rasgos que nos han definido a lo largo del tiempo: Proximidad Cercanía Compromiso social Capacidad comercial Modelo de gestión diferencial Apuesta por un servicio de calidad Empleados atendiendo al público en una oficina de la entidad en Vic 1913 El Consejo Directivo de la entidad acuerda iniciar la implantación de la Caja de Pensiones para la Vejez y de Ahorros en las Islas Baleares La entidad ha apostado desde su fundación por un modelo de cercanía y proximi- dad en los territorios en los que desarrolla la actividad. Actualmente disponemos de la mayor red de oficinas en España, con más de 5.000 sucursales.
    [Show full text]
  • CAIXABANK Grupo La Caixa
    La responsabilidad Social Corporativa en las memorias anuales de las empresas del IBEX 35 Análisis del ejercicio 2012 CAIXABANK Grupo La Caixa 1. Datos generales: CaixaBank y sus sociedades dependientes integran el Grupo CaixaBank. La entidad es el banco a través del cual la Caja de Ahorros y Pensiones de Barcelona (La Caixa) ejerce su actividad como entidad de crédito de forma indirecta. La Caixa es el accionista mayoritario de CaixaBank, con una participación del 72,76% a 31 de diciembre de 2012. CaixaBank es la sociedad surgida del proceso de transformación de Criteria CaixaCorp con motivo de la reorganización de las actividades del Grupo La Caixa que culminó con la inscripción de CaixaBank en el Registro de Bancos y Banqueros del Banco de España el 30 de junio de 2011. Productos/servicios Caixabank ofrece a sus clientes los siguientes productos/ servicios: - Banca minorista - Banca de empresas - Banca personal - Banco privada - Seguros - Fondos de pensiones - Fondos de inversión Alcance geográfico Caixabank opera o tiene presencia en los siguientes países: España, Portugal, Francia, Reino Unido, Alemania, Austria, Luxemburgo, Polonia, Rumanía, Italia, Egipto, Marruecos, Angola, Turquía, Emiratos Árabes, India, China, Singapur, México y Chile Caixabank tiene participaciones en varias entidades financieras de otros países. - Banco BPI. Caixabank controla el 46.2% de este banco. BPI es un grupo financiero universal, focalizado en el área de banca comercial dirigida a empresas, instituciones y particulares. Desarrolla su actividad principalmente en Portugal, donde se sitúa como el tercer grupo financiero privado portugués por volumen de negocio, y en Angola, aunque tiene también presencia en Mozambique y Sudáfrica.
    [Show full text]
  • Integrated Corporate Report 2014
    INTEGRATED CORPORATE REPORT [2014] INTEGRATED CORPORATE REPORT [2014] How to navigate around this PDF - Go to main index CAIXABANK IN 2014 CHAIRMAN OUR VIEW ON BANKING - Back LETTERS CEO ACTIVE RISK MANAGEMENT XLS - Next ABOUT US FINANCIAL reporting AND RESultS - Search Corporate GOVERNANCE COMMITMENTS IN 2014 AND CHALLENGES IN 2015 - Print KEY StrategieS APPENDICES - Download as Excel - Post on Facebook - Post on Twitter - Send e-mail Selectable menu with chapters This PDF is configured to be viewed using Adobe Acrobat (version 9). Some functions may not work with other platforms. Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails. [2] INTEGRATED CORPORATE REPORT [2014] The UN Global Compact Principles GRI: G4-DMA, G4-15, G4-16, G4-33 CaixaBank is a member of the United Nations Global Compact and chairs the Spanish Global Compact Network. Principle 1 Businesses should support and respect the protec- Principle 6 Businesses should support the elimination of discrim- The Principles of the United Nations tion of internationally proclaimed human rights. ination in respect of employment and occupation. Global Compact covered in the text are presented at the beginning of each Principle 2 Business should make sure that they are not Principle 7 Businesses should take a precautionary approach section of this report, which also serves complicit in human rights abuses. to environmental challenges. as a progress report in that regard. Principle 3 Businesses should uphold the freedom of asso- Principle 8 Businesses should undertake initiatives to pro- The complete corresponding Global ciation and the effective recognition of the right mote greater environmental responsibility.
    [Show full text]
  • Socially Responsible Banking July 2019 Disclaimer
    Socially responsible banking July 2019 Disclaimer The purpose of this presentation is purely informative and should not be considered as a service or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by CaixaBank, S.A. (“CaixaBank”) or any of the companies mentioned herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information set out in the relevant documentation filed by the issuer in the context of such specific issue having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. CaixaBank cautions that this presentation might contain forward-looking statements concerning the development of our business and economic performance. Particularly, the financial information from CaixaBank Group for the year 2019 related to results from investments has been prepared mainly based on estimates. While these statements are based on our current projections, judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Such factors include, but are not limited to the market general situation, macroeconomic factors, regulatory, political or government guidelines and trends, movements in domestic and international securities markets, currency exchange rates and interest rates, changes in the financial position, creditworthiness or solvency of our customers, debtors or counterparts.
    [Show full text]
  • WORLD RETAIL BANKING REPORT Contents
    2008 WORLD RETAIL BANKING REPORT Contents 5 Pricing Index 27 Organic Growth in Domestic Markets 53 Appendix: Methodology 58 About Us ©2008 Capgemini. All rights reserved. No part of this document may be reproduced or copied in any form or by any means without written permission from Capgemini. Preface For the fifth consecutive year, Capgemini, ING, and the European Financial Management & Marketing Association (EFMA) have cooperated to develop this latest annual examination of the global retail banking market. As in previous years, it provides overviews and insights into the global retail banking industry’s dynamics. This year’s edition adds two new countries, Singapore and Denmark, raising the number of countries to 26 and increasing the banks studied from 180 to 194. We continue to investigate the worldwide pricing of day-to-day banking products and services, and this year’s edition continues to highlight the evolution of bank prices for these products and services around the world. Our website, www.wrbr08.com, provides dashboards that offer more detail on each country’s national banking industry. A sample dashboard is included later in this publication. As in earlier editions, our 2008 report adds a spotlight section that focuses on a current retail banking issue. This year’s spotlight highlights the problems banks face as they search for ways to maximise their retail banks’ growth in a changing market, and how some top performers are making strategic choices that ensure their retail operations will sustain the bank’s market performance in the years ahead. Based on case studies, in-depth interviews with banking executives in each market around the world, and quantitative analysis, the spotlight section concentrates on the operational levers and client value propositions that can help retail banks grow in the high-income domestic markets in which they operate today.
    [Show full text]