Caixabank is Not Looking at Doing Acquisitions, Says Bank CEO
'We do not need to do M&A, we love markets in which we operate, Spain and Portugal I think are the most attractive market in Europe,' Gortazar said in a Bloomberg TV interview with Kriti Gupta, Guy Johson and Anna Edwards on Wednesday. 'We see growth, we have a lot of opportunities and hence M&A is not part of the picture.'
Earlier this year, the Spanish lender lost out in a bid to acquire the Portuguese lender Novo Banco SA after Lone Star decided to sell its majority stake in the bank to France's BPCE, for a valuation of around €6.4 billion ($7.4 billion).
CaixaBank is the market leader in Spain, but unlike its two main rivals, Banco Santander SA and BBVA SA, who have large operations in several countries, CaixaBank's only presence outside the country is in Portugal.
'Currently there are no synergies and a lot of complexities in undertaking major cross border consolidation, so we are very happy to stick with our two very attractive markets in Iberia,' Gortazar said.
Both Santander and BBVA are currently involved in deal processes. Santander recently announced it was selling its Polish operations and soon after said it would acquire TSB in the UK from Banco Sabadell SA, another Spanish lender. At the same time, BBVA is trying to acquire Sabadell through an unsolicited approach.
More stories like this are available on bloomberg.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
UK watchdog bans Zara ads over 'unhealthily thin' model photos
Britain's advertising regulator has banned two Zara ads for featuring models deemed "unhealthily thin," calling the images "irresponsible." The ASA cited protruding collarbones and gaunt appearances as concerns. Zara said the models were certified healthy and only minimal edits were made. The ads were withdrawn, and the company claims to follow strict model selection guidelines. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Britain's advertising regulator on Wednesday banned two adverts by Spanish clothing group Zara for featuring models that appeared "unhealthily thin", calling the images "irresponsible".The Advertising Standards Authority (ASA) said it took action after it received a complaint about the ads, which were listed on Zara's website in image showed a model with "protruding" collarbones, with her pose and styling making her appear "very slim".Another featured a model who looked "slightly gaunt" owing to a slicked-back hairstyle and that the lighting and clothing made her appear "noticeably thin", the ASA watchdog ruled the ads breached social responsibility rules and must not appear again in the same told the ASA that the models were medically certified as healthy, in line with British also assured that only minor lighting and colouring edits were made on the ads were removed after the ASA made the company aware of the complaint, Zara said in a added that Zara "follow stringent guidelines and controls in the selection and photographing of models".Earlier this year, the ASA banned similar ads from British retailers Next and Marks & Spencer.
India.com
6 hours ago
- India.com
BIG setback for Trump as this NATO country snubs US, scraps F-35 deal due to...; not Turkey, Italy, France, the name is...
Spain has scrapped plans to purchase F-35 fighter jets from the US. (File) In a major setback for US President Donald Trump, especially his plan to pummel the US' European allies into submission with high import tariffs, Spain, a prominent NATO member, has scrapped plans to purchase US-made F-35 stealth fighter jets from US arms maker Lockheed Martin. Why Spain junked US' F-35 deal? According to a report by El Pais, a leading Spanish daily, Spain had allocated $7.24 billion in its 2023 defense budget for purchasing advanced fighter aircraft, and it was believed that the NATO member would likely acquire F-35 from the United States. However, Spain has reportedly canceled the F-35 deal, and instead plans to spend an additional 10.5 billion euros on European defense equipment. The primary reason behind Spain's decision to snub the US is rooted in Trump's tariff threats to NATO allies to increase their defense spending or face additional trade penalties. Earlier, this year, Spain's socialist Prime Minister Pedro Sanchez had agreed to meet NATO's 2% GDP target by increasing defense spending, but during the NATO summit in June, Sanchez declined to increase the spending 5%. The Spanish PM's bold stance angered Donald Trump, who threatened to impose heavy tariffs and additional duties on its imports if Madrid did not agree to his terms. How Spain's move affects the US? According to experts, Spain's decision is major setback for the US as well as F-35 maker Lockheed Martin, as the F-35 program is already facing heavy criticism due to high costs and technical flaws. Recently, a F-35 fighter jet crashed in the US, while a British Navy's F-35B remained stranded at an Indian airport for over a month. In another development, Turkey, already considered a drone manufacturing powerhouse, is now posing a challenge to US-made stealth fighter jets, including the F-35 Lightning II, with its indigenous Kaan fighter jet, which is being viewed by many countries as a pocket-friendly, and more accessible to US fighter planes, that come loaded with preconditions, apart from the hefty price tag. Spain's Defense Ministry and Lockheed Martin have not commented on the matter.
News18
6 hours ago
- News18
UK Advertising Watchdog Bans Two Ads By Zara Over 'Unhealthily Thin' Models
Last Updated: Britain's ASA banned two Zara ads for featuring "unhealthily thin" models, calling the images "irresponsible." Zara has removed the ads. Britain's advertising regulator has banned two Zara advertisements for featuring models who appeared 'unhealthily thin", calling the images 'irresponsible," according to a report in news agency AFP. The Advertising Standards Authority (ASA) stated that the advertisements were in breach of social responsibility standards. The advertising watchdog's action came after it received a complaint about the ads, which were published on Zara's website in May. The AFP report, citing the ASA, mentioned that one photo showed a model with protruding collarbones, and her pose and styling made her look 'very slim." While in another image, another model appeared 'slightly gaunt". Her look was further intensified by her slicked-back hairstyle, lighting, and clothing, that made her seem 'noticeably thin". Noting the ads could be perceived as promoting an unhealthy body image, the ASA ruled that they must not appear again in the same form. In response, the Spanish clothing group said the models were medically certified as healthy and that their appearance complied with British guidelines. The fashion brand also stated that only minimal lighting and colour edits were applied to the images. Complying to the ban order, Zara removed the ads after being alerted to the complaint and said it follows 'follow stringent guidelines and controls in the selection and photographing of models." This ruling comes amid growing scrutiny of fashion advertising and body image representation. Earlier this year, the ASA took similar action against UK retailers Next and Marks & Spencer for showing models that appeared too thin. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
