DIRS.INFO The most relevant business & tech news

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ European markets head for lackluster open ahead of euro zone inflation, GDP data
▼ + stars: | 2024-04-30 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a lackluster open Tuesday ahead of a busy day of earnings and major data releases in the region. Preliminary euro zone inflation data for April and first-quarter gross domestic product figures for the single currency area are due Tuesday, while earnings come from AF-KLM, Stellantis, Capgemini, Mercedes, VW, Lufthansa, Santander, Caixabank, OMV, HSBC, Glencore and Whitbread, among others. Overnight, Asia-Pacific markets largely rose on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers' index for April. Meanwhile, U.S. stock futures were little changed Monday night after a positive start to the week, as investors brace for megacap earnings, the latest Federal Reserve interest rate decision on Wednesday, and a jobs report. The central bank is broadly anticipated to keep interest rates steady, but traders will be looking to see if Fed Chair Jerome Powell's post-meeting comments are more hawkish after the recent spate of hotter inflation reports.

Persons: Jerome Powell's Organizations: AF, KLM, Stellantis, VW, Lufthansa, HSBC, Glencore, Whitbread Locations: Santander, Caixabank, OMV, Asia, Pacific, China

☆ CaixaBank CEO: Pleasantly surprised by resilience and strength of the Spanish economy
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCaixaBank CEO: Pleasantly surprised by resilience and strength of the Spanish economyCaixaBank CEO Gonzalo Gortázar discusses his outlook for the Spanish economy and explains the impact of the country's windfall banking tax on the business.

Persons: Gonzalo Gortázar

☆ Caixabank CEO: Satisfied with growth despite challenging rate environment
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCaixabank CEO: Satisfied with growth despite challenging rate environmentGonzalo Gortázar, CEO at CaixaBank, discusses results and shares his outlook for 2024.

Persons: Gonzalo Gortázar

☆ European markets set for higher open with earnings, central banks in focus
▼ + stars: | 2024-02-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set for a higher open on Friday to close out a busy week of corporate earnings and major central bank decisions. On Wednesday, the U.S. Federal Reserve also left policy unchanged and Chair Jerome Powell poured cold water on speculation about a potential first interest rate cut in March. Preliminary inflation data for the euro zone on Thursday revealed the annual increase in the headline consumer price index eased slightly in January, while core figures declined less than expected and services inflation held steady. Friday is set to be quieter on the earnings front, with Spain's CaixaBank among the biggest names reporting. No major corporate earnings or economic data releases are due from Europe.

Persons: Jerome Powell, Spain's Organizations: Bank of England, U.S . Federal Reserve, Deutsche Bank, BNP, Adidas, Volvo Locations: Europe

☆ ECB raises minimum capital requirements for Spanish banks
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsMADRID, Dec 1 (Reuters) - The European Central Bank has raised the minimum capital requirements for Spanish lenders BBVA (BBVA.MC), Caixabank (CABK.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) as part of a supervisory review and evaluation process (SREP). The process provides an overall assessment of the challenges that face significant institutions, together with the corresponding solvency requirements and other supervisory measures that banks are expected to comply with for the year ahead. BBVA's capital threshold was also raised to 9.09% for next year from 8.72%. For Unicaja (UNI.MC), the supervisor however maintained its solvency threshold for 2024 unchanged at 8.27% compared to 2023.

Persons: Heiko Becker, Caixabank, Jesús, Emma Pinedo, Sharon Singleton Organizations: European Central Bank, REUTERS, Rights, BBVA, ECB, Spain's Santander, Thomson Locations: Frankfurt, Germany, Sabadell

☆ Bank of Spain seeks details on pre-Black Friday payment network crash
▼ + stars: | 2023-11-24 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, Nov 24 (Reuters) - The Bank of Spain has asked for detailed information after recent disruptions to the country's payments network, a source close to the central bank said. Customers complained on social media about failed ATM withdrawals and credit card payments on Nov. 18. "A technical incident has occurred which has caused temporary instability in the system responsible for processing payment transactions. The central bank is looking into both incidents, which come as European Central Bank (ECB) data shows cash payments in Spain fell by 18% between 2019 and 2022, a figure only surpassed in the euro zone by Cyprus, where transactions fell 23%. Redsys competes with another payment provider in Spain, which belongs to Cecabank and holds a market share of about 15%.

Persons: Redsys, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: Bank of Spain, BBVA, Central Bank, Redsys, Thomson Locations: MADRID, Santander, Spain, Cyprus

☆ Bank of Portugal imposes capital buffer for mortgages at four large banks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A man walks with his dog outside Bank of Portugal in downtown Lisbon, Portugal, February 21, 2017. REUTERS/Rafael Marchante/File Photo Acquire Licensing RightsLISBON, Nov 15 (Reuters) - The Bank of Portugal has told Millennium bcp (BCP.LS), Novo Banco, Banco BPI and the local unit of Spain's Santander (SAN.MC), to create a new capital buffer equivalent to 4% of their loan portfolios that are collateralised by home mortgages. It said in a statement on Wednesday the measure addressing "sectoral systemic risk" would come into effect on Oct. 1, 2024, and be reviewed at least every two years. "This instrument has a preventative nature and aims to increase the resilience of institutions in the face of a potential future materialisation of systemic risk in the residential real estate market in Portugal," it said. BPI is owned by Spain's Caixabank and Novo Banco by the U.S. fund Lone Star.

Persons: Rafael Marchante, Spain's Caixabank, Sergio Goncalves, Andrei Khalip Organizations: Bank of Portugal, REUTERS, Rights, Bank of, bcp, Novo Banco, Banco BPI, Spain's Santander, BPI, U.S, Lone Star, Thomson Locations: Lisbon, Portugal, Rights LISBON, Bank of Portugal, Novo

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

☆ Caixabank sees higher lending income in 2023 after beating forecasts
▼ + stars: | 2023-10-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

SummaryCompanies Q3 net profit beats market forecastsNII 2023 growth guidance lifted to 10 bln vs 9.25 blnTargets stable NII performance in 2024MADRID, Oct 27 (Reuters) - Caixabank (CABK.MC) reported third-quarter net profit on Friday which beat forecasts, helped by higher lending income, which the Spanish bank said would rise more than 50% in 2023 compared to 2022. The bank's net interest income, earnings on loans minus deposit costs, rose 71% year-on-year in the three-months ending Sept. 30 to 2.74 billion euros ($2.89 billion), above the 2.53 billion euros analysts expected. Against that background, Caixabank revised its 2023 guidance for lending income to equal or above 10 billion euros from previously 9.25 billion euros, implying a rise of more than 50% against an net interest income (NII) of 6.55 billion euros in 2022. Broker JP Morgan welcome an "impressive" NII performance and revised guidance for lending income though noted that customer deposits were down 1.3% quarter-on-quarter. Its net profit rose 70% year-on-year to 1.52 billion euros, more than the 1.38 billion euros analysts forecast in a Reuters poll.

Persons: Caixabank, Morgan, Jesús, Inti Landauro, Simon Cameron, Moore Organizations: Thomson Locations: MADRID

☆ Caixabank to look at how Telefonica and STC can cooperate
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Violeta Santos Moura/File Photo Acquire Licensing RightsMADRID, Oct 27 (Reuters) - Spain's Caixabank (CABK.MC), a major shareholder in Telefonica (TEF.MC), will analyse with the telecoms group any potential cooperation with STC after the Saudi telecoms firm's recent investment in Telefonica, the bank's CEO said on Friday. Caixabank has a 3.5% stake in Telefonica and a seat on its board. "Very particularly, we have to see what possibilities (Telefonica) has to cooperate with this great company, due to its size and relevance, which is STC," Gortazar said, adding Caixabank would seek to express its views on the matter at board-level discussions. As Telefonica is considered a defence service provider, Spain's Defence Ministry has a say in acquisitions and holdings between 5% and 10%, unless the buyer commits not to request a seat on the board. STC, which has yet to request authorisation from the Spanish government to exercise voting rights corresponding to the financial instruments, has said it does not intend to acquire control or a majority stake in Telefonica.

Persons: Violeta Santos Moura, Gonzalo Gortazar, Caixabank, Gortazar, Jesús, Andrei Khalip, Mark Potter Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, Saudi, STC Group, Spain's Defence Ministry, STC, Thomson Locations: Madrid, Spain, Rights MADRID, Saudi

☆ Looking for value stocks? Citi lists over 10 European names — for risk-takers and the cautious
▼ + stars: | 2023-09-22 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

European value stocks are doing better than growth stocks right now, according to Citi analysts. Citi defined "quality" value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. Citi said investors "have not been particularly risk-averse," as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. 'Risky value' stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for "value low risk" and quality.

Persons: TotalEnergies, Moller Maersk, — CNBC's Michael Bloom Organizations: Citi, HSBC Holdings, Zurich Insurance Group, ABN AMRO, Imperial Brands, Nokia, BNP, BMW, Bayer, Life, WPP PLC Locations: European, China, Dutch, Danish

☆ Morgan Stanley names this stock as its top pick of European banks – giving it 35% upside
▼ + stars: | 2023-09-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Morgan Stanley has named Societe Generale as its top stock pick among European banks, seeing 35% upside for the French lender. The investment bank's analysts upgraded SocGen to an "overweight" rating and named it a top pick alongside ING Groep of the Netherlands and CaixaBank of Spain. GLE-FR .FCHI YTD line The analysts said European Central Bank (ECB) interest rates have likely peaked after aggressive hikes over the past year. Morgan Stanley forecasts a 13% average growth in European banks' earnings per share plus dividends in 2024 and 2025. Morgan Stanley sees room for cost cuts from internal mergers underway.

Persons: Morgan Stanley, SocGen, Alvaro Serrano, Michael Christodoulou, Christodoulou, CNBC's Michael Bloom Organizations: Societe Generale, ING Groep, European Central Bank Locations: Europe, Netherlands, Spain, 2Q24, France

☆ Disgruntled Europeans hit out at banks for not passing on higher rates on savings
▼ + stars: | 2023-08-31 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Those words from Marco Oliveira, a 50-year-old graphic designer from Portugal, underscore a deep lying annoyance in Europe with people bemoaning a lack of return on their savings despite surging interest rates. This, in practice, should translate into higher rates both on mortgages, but also on deposits. The key metric used by analysts is the deposit delta — which represents the increase in policy rates that banks pass through to the interest rates on deposits. For instance, Croatia's deposit delta is 12%, Cyprus is 30% and Portugal stands at 32%. And indeed, Portuguese banks show one of the lowest deposit delta, being the fifth worst in Europe," Teixeira said.

Persons: Marco Oliveira, Carlos Stilianopoulos, Marta Ferro Teixeira, Teixeira, Nicolas Charnay, Filipe Garcia, Banks, Garcia Organizations: Bank SA, Bloomberg, Getty, CNBC, European Central Bank, ECB, ABN Amro, ABN AMRO, P Global, P, SA, Reuters Locations: Thessaloniki, Greece, Portugal, Europe, Cyprus, France, Italy, Portuguese, Barcelona, Spain, PNL, —

☆ Stingy UK bank saving rates may become a non-issue
▼ + stars: | 2023-08-10 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 10 (Reuters Breakingviews) - Banks are keeping the fruits of higher interest rates for themselves. Between January 2022 and May 2023, the Bank of England hiked rates by 4.25 percentage points. The nine largest UK banks boosted the interest on easy-access savings accounts by 1.18 percentage points, the FCA found. The upshot is that they’ll have to bid more aggressively for funding in the future, for example by raising interest rates on savings accounts. Second-quarter results suggest it too is paying more for funding: interest expense almost doubled between the second half of 2022 and the first half of 2023.

Persons: juicier, BoE, George Hay, Streisand Neto Organizations: Reuters, Authority, Barclays, Lloyds Banking Group, Bank of, FCA, Monday, Reuters Graphics Reuters, NatWest, Barclays ’, Lloyds, Banco Santander, Banco Bilbao Vizcaya Argentaria, European Central Bank, Bank of England, ECB, Spanish, Financial, HSBC, Santander UK, Nationwide Building Society, TSB Bank, Virgin Money, Bank, Thomson Locations: Britain, Spain, Bank of England, Italy, Hungary

☆ BBVA plans 1 bln euro buy-back as Mexico, Spain drive profits
▼ + stars: | 2023-07-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

The Spanish bank also announced a 1 billion euro share buy-back programme. It follows a smaller additional share buy-back earlier this year and a 3.2 billion euro programme it completed in 2022. In the case of Caixabank, the new buy-back programme follows a 1.8 billion euros share buy-back in 2022. In Mexico, the bank's net profit rose 32% while net interest income climbed 38%. In Spain, net profit more than tripled versus a year earlier while NII was up 51%.

Persons: BBVA's, Jefferies, NII, Jesús Aguado, Emma Pinedo, Inti Landauro, Jason Neely, Robert Birsel Organizations: BBVA, Reuters, Thomson Locations: MADRID, Mexico, Spain, Turkey, Caixabank, Turkish

☆ Caixabank's quarterly net profit jumps 48%, announces 500 mln euro share buy-back
▼ + stars: | 2023-07-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The country's biggest lender by domestic assets reported a net profit of 1.28 billion euros ($1.41 billion), ahead of 1.16 billion euros analysts forecast in a Reuters poll. The bank also announced a 500 million euro share buy-back programme that would begin before the end of 2023 and is aimed at distributing capital above the 12% threshold. Last year, the lender bought back 1.8 billion euros of shares. Caixabank's net interest income, earnings on loans minus deposit costs, rose 60.7% year-on-year in the quarter to 2.44 billion euros, above the 2.29 billion euros analysts expected. The lender also said that recent commercial trends implied upside over its more than 30% growth guidance for net interest income in 2023.

Persons: Caixabank, Jesús Aguado, Inti Landauro, Tomasz Janowski Organizations: Thomson Locations: NII, MADRID, Banks, Europe

☆ Spanish researchers aim to 'trick nature' with artificial womb
▼ + stars: | 2023-06-29 | by ( Horaci Garcia | ) www.reuters.com time to read: +2 min

BARCELONA, June 29 (Reuters) - Researchers in Barcelona are trying to "trick nature" by creating an artificial womb for extremely premature babies after tests on animals kept foetuses alive for 12 days. Their artificial placenta prototype recreates a protective environment with a translucent container made of biocompatible material inside which the foetus' lungs, intestines and brain can continue to develop. Babies born after six months of pregnancy or less are considered extremely premature with a high risk of death or disability. It's a challenge, it's extremely delicate to achieve this, to trick nature to make this possible," Gratacos said. "Although it is an exciting development, the artificial placenta is not intended to replace a natural placenta," Werner said.

Persons: Eduard Gratacos, Gratacos, Kelly Werner, Werner, Horaci Garcia, Emma Pinedo, David Latona, Andrew Cawthorne Organizations: Reuters, Fundacion La Caixa, Caixabank, Children's Hospital of Philadelphia, Columbia University, Science Media Centre, Thomson Locations: BARCELONA, Barcelona, Spanish

☆ European shares rise on smaller ECB rate hike, upbeat earnings
▼ + stars: | 2023-05-05 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 index up 0.1%Adidas jumps on upbeat earningsEvotec drops on leaving MDAXMay 5 (Reuters) - European shares rose on Friday, as the European Central Bank's smaller rate hike, and market-beating results from Adidas and Apple boosted sentiment. The pan-European STOXX 600 index (.STOXX) edged up 0.1%, but is on track for its second consecutive weekly loss. Energy (.SXEP) and utilities shares (.SXPP) led the gains on the index, rising 1.4% and 1.0% respectively, while food and beverage shares (.SX3P) slid 0.4%. "Inflation pressures worldwide help in driving equity markets although we don't like to pay higher prices, as consumers it eats into our pockets. The higher prices go to some company reaping the rewards of those higher prices," said Chi Chan, Portfolio Manager and Senior Research Analyst, Federated Hermes.

☆ Spain's Caixabank Q1 net profit rises 21% on lending income
▼ + stars: | 2023-05-05 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, May 5 (Reuters) - Spain's Caixabank (CABK.MC) said on Friday its net profit rose 21% in the first quarter from the same period in 2022 thanks to a strong increase in lending income and a solid performance of its insurance business. The lender reported a net profit of 855 million euros ($943.83 million) in the January to March period despite a cost of 373 million euros from a new banking tax. Analysts polled by Reuters expected a net profit of 643 million euros. Spanish lenders, including Caixabank (CABK.MC), Sabadell, Santander (SAN.MC), BBVA (BBVA.MC), have legally challenged the tax. Despite economic uncertainty, banks across Europe are benefiting from higher interest rates and Caixabank's net interest income in the quarter rose 49% year-on-year to 2.16 billion euros, beating the 2.02 billion euros analysts expected.

☆ Sabadell's Q1 net profit falls 4% on banking tax despite strong lending
▼ + stars: | 2023-04-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, April 27 (Reuters) - Spain's Sabadell (SABE.MC) on Thursday said its first-quarter net profit fell 4% from the same period in 2022 due to the impact of a new banking tax in Spain which could not be offset by a solid performance in lending income. The country's fourth-largest bank in terms of market value reported a net profit of 205 million euros ($226.55 million) in the January to March period. Analysts polled by Reuters expected a net profit of 138 million euros. The bank said the cost of the banking levy was 157 million euros, which it fully booked in the quarter. Excluding the impact of the banking tax, first quarter net profit rose 69% year-on-year.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

Big hedge funds including Marshall Wace and Odey Asset Management added to short positions against Europe's banks, regulatory filings seen by Reuters and data from Breakout Point showed. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. The banks included BAWAG (BAWG.VI), FinecoBank (FBK.MI), Handelsbanken (SHBa.ST), CaixaBank (CABK.MC), NatWest Group (NWG.L) and PKO Bank Polski (PKO.WA). BNP Paribas shares fell by as much as 12% on Wednesday before recovering to show a loss of 9%, while Deutsche Bank shares fell almost 9%. In the week to Wednesday, some 120 billion euros ($126 billion) had been wiped off the value of European bank shares.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ Spanish banking associations challenge windfall tax before High Court
▼ + stars: | 2023-02-15 | by ( Jesús Aguado | ) www.reuters.com time to read: 1 min

MADRID, Feb 15 (Reuters) - Spanish banking associations have launched an appeal against the government's windfall tax before the High Court, the associations said on Wednesday confirming an earlier Reuters report. In December, the Spain approved a temporary levy on banks intending to raise 3 billion euros by 2024 to fund measures to ease cost of living pressures. The Spanish Banking Association (AEB) and the association of former savings (CECA), which represent some of Spain's biggest banks including Santander, CaixaBank and BBVA, said in a statement they had lodged two appeals before Spain's High Court "challenging the ministerial order (...) of the new bank levy". Spain's High Court did not provide any further details. Reporting by Jesús AguadoOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Caixabank"

25 mentions found