Latest news with #CaixaBank
Morocco World
3 days ago
- Business
- Morocco World
Valencia Economic Delegation to Visit Tangier in June
Doha – A high-level economic delegation from Spain's Valencia region will visit Tangier on June 2-3, aiming to strengthen bilateral economic and commercial ties with Morocco. The mission is organized by the Valencia Chamber of Commerce, the Tangier-Tetouan-Al Hoceima Chamber of Commerce, and Morocco's Consulate General in Valencia. Led by Marian Cano, Valencia's regional minister for Innovation and Industry, the delegation will include representatives from key sectors, including agri-food, textiles, tourism infrastructure, sports facilities, construction, transportation, and financial services. CaixaBank will be among the financial institutions represented. In a demonstration of the commitment of Valencia's main economic institutions to structured bilateral cooperation, the heads of the Chambers of Commerce of Valencia, Alicante, Orihuela, and Alcoy will also participate. The delegation's agenda begins with an opening session on Monday, June 2, at 9:30 a.m. at the headquarters of the Tangier-Tetouan-Al Hoceima Chamber of Commerce. This session will feature institutional officials and business leaders from both countries presenting regional development strategies and initiating dialogue between economic operators. Business-to-business meetings will follow, facilitating direct exchanges between Spanish and Moroccan companies to explore partnership opportunities. Read also: Spanish Municipal Delegation Explores Morocco's Dakhla Development Projects A visit to Tangier Med port, one of Africa's and the Mediterranean's largest logistics hubs, is also scheduled. This tour aims to showcase the region's infrastructure capabilities and competitive advantages. This mission comes as economic ties between Rabat and Madrid continue to grow. This week, on May 28, four investment agreements worth MAD 500 million ($50 million) were signed in Rabat between Morocco and Catalan companies. The agreements were concluded during a meeting between Karim Zidane, Morocco's Minister Delegate for Investment, and a delegation of Catalan businesses led by Josep Sánchez Llibre, president of Foment del Treball, the main employers' confederation in Spain's northeastern autonomous region. These Catalan investments will create over 700 direct jobs in Tangier, Tetouan, and Kenitra across several sectors, including automotive, waste management, industrial packaging, and construction materials. Sánchez Llibre announced that Catalan investments will continue flowing to Morocco, with another delegation of about twenty Catalan companies planning to visit within a year. Their three-day business trip follows the 'Morocco Now' roadshows held in Barcelona in January 2024, in Madrid in April 2025, and Foment's first visit to Morocco in June 2024. Tags: Morocco Spain relationsValencia
Bloomberg
26-05-2025
- Business
- Bloomberg
CaixaBank Pushes Back on Opposition to Spanish Banks in Portugal
The head of CaixaBank SA 's Portuguese unit sought to refute criticism that Spanish banks have too much influence in the country, saying their investment was vital in strengthening Portugal's finance industry when others pulled back. 'I think consolidation is a European goal,' Banco BPI Chief Executive Officer Joao Pedro Oliveira e Costa said at a conference in Lisbon. 'We need to focus more on what unites us than what separates us.'
Business Wire
22-05-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Miravet 2025-1 DAC
DUBLIN--(BUSINESS WIRE)--KBRA Europe (KBRA) assigns preliminary ratings to six classes of notes to be issued by Miravet 2025-1 DAC, a static RMBS transaction backed by mortgage participations and mortgage transfer certificates issued by CaixaBank, S.A. (CaixaBank), representing the economic rights under mortgage loan agreements in Spain. The underlying collateral has been securitised via FT Encina, a Spanish securitisation fund managed by Intermoney Titulización S.G.F.T., S.A., with the Issuer holding the corresponding FT Encina unitranche Spanish bonds. The €316.4 million underlying portfolio primarily comprises seasoned first-lien residential mortgage loans originated by CaixaBank and its legacy entities, including former savings banks and other institutions absorbed during sector consolidation in Spain. The loans are primarily secured by owner occupied (79.7%) and second or holiday homes (18.4%) located in Spain. CaixaBank will act as the lender of record and primary servicer of the mortgage loans, with Anticipa Real Estate, S.L.U. (Anticipa) appointed as special servicer. Caixabank has relevant experience in primary servicing of mortgage loans while Anticipa has a meaningful number of years of experience servicing re-performing loans and loans deep in arrears needing restructure. The notes' payment priority is strictly sequential. The notes also benefit from a fully funded reserve account that provides liquidity support. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating's endorsement status is available on its rating page at Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA's Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here. About KBRA Europe Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency Europe Limited is located at 2nd Floor, One George's Quay Plaza, George's Quay, Dublin 2, D02 E440, Ireland. Doc ID: 1009416
Bloomberg
15-05-2025
- Business
- Bloomberg
CaixaBank, Sabadell Finalize Risk Transfers as Bank M&A Heats Up
By and Jorge Zuloaga Save CaixaBank SA and Banco Sabadell SA are finalizing significant risk transfers to free up capital for growth amid consolidation in the Spanish financial industry. CaixaBank has priced an SRT linked to €2 billion ($2.3 billion) of corporate loans, while Banco Sabadell is completing a separate transaction linked to €1.3 billion of funding for small and mid-sized companies, according to people with knowledge of the deals. Both are expected to close in coming weeks, they said.
Coin Geek
15-05-2025
- Business
- Coin Geek
Kyrgyzstan to launch gold-backed stablecoin in Q3
Getting your Trinity Audio player ready... The central Asian nation of Kyrgyzstan intends to launch its new stablecoin later this year, one of the officials involved in its development has revealed. The Kyrgyz government has been developing the USDKG stablecoin for months now as a solution to its financial inclusion and remittance challenges. At a recent digital asset event in Dubai, one of the project's advisors revealed that the stablecoin is set to debut in Q3. USDKG will be backed by $500 million worth of gold at launch, which the government intends to expand to $2 billion. To account for any swings in the price of gold— which has gained 25%, or $650 this year—Kyrgyzstan will overcollateralize the stablecoin. The government also intends to conduct regular independent audits to maintain trust in the currency. The new stablecoin will primarily target remittances, which play a prominent role in the country's economy. In 2024, Kyrgyzstan received $3 billion in remittances, with Russia at $2.7 billion dominating the sector. Kyrgyz residents paid an average of 8% in fees to receive the remittances (banks charge as much as 12%), higher than the global average of 6.6% and nearly thrice the UN-recommended 3%. The Kyrgyz government believes that a national stablecoin can reduce the costs, increase access and reduce the complexities involved in the process. The USDKG has taken precedence over the digital som, the country's CBDC. Last year, the country's central bank revealed that it had developed a demo version of the digital som and a few months later, proposed legal amendments that would pave the way for the CBDC's launch. Since then, it has not revealed any new developments on that front. ECB launches innovation hub to test digital euro use cases Elsewhere, the European Central Bank (ECB) has launched an innovation hub to test innovative use cases of its prospective digital euro. The ECB first announced the initiative last October, inviting European financial industry stakeholders to submit applications by November 29. The regional bank has now selected 70 participants for the four-month hub, ranging from fintechs and banks to tech firms and academia. Surprisingly, only four banks—CaixaBank (NASDAQ: CIXPF), Berenberg, Erste Group (NASDAQ: EBKOF) and Bank of Cyprus (NASDAQ: BKCYF)—joined the initiative. Other participants include German semiconductor giant Infineon and subsidiaries of software giant SAP, Tata Consultancy, KPMG and Accenture (NASDAQ: ACN). 'We welcome the huge amount of interest that market participants have shown in this exciting initiative,' commented Piero Cipollone, an ECB executive board member. The platform will have two distinct workstreams: pioneers and visionaries. Under the pioneers' workstream, participants will limit their exploration to conditional payments and how the ECB can best develop technical standards to support them. This workstream has 45 participants, including three of the four participating banks. Companies in the visionaries workstream will focus on the bigger picture, including how the digital euro can solve societal challenges such as financial inclusion. They will organize workshops with the ECB to discuss how the central bank digital currency (CBDC) can be more accessible, easier to use and integrate into existing payment rails. Visionaries will include the Italian university Politecnico di Milano, Erste Group Bank, German savings banks association DSGV and blockchain firm Exyond. A few participants, like Tata Consultancy, German fintech firm PoMo Service and Spanish mobile payments service BIZUM, will be involved in both workstreams. 'The breadth and creativity of the proposals highlights the digital euro's potential as a catalyst for financial innovation in Europe, including the development of new solutions that further enhance the payment experience for Europeans and create market [opportunities],' Cipollone stated. The ECB will publish a report with findings from both workstreams later this year. The new initiative is the latest in the ECB's ongoing two-year CBDC preparations, which end later this year. While the regulator is committed to the project, the digital euro's fate lies in the hands of European legislators, who must pass new legislation that paves the way for the CBDC. Speaking to one outlet recently, a spokesperson for the regional bank noted that CBDC legislation 'is still under discussion and we won't take a decision on issuing the digital euro before that process is complete.' The latest initiative comes as CBDC interest globally has cooled down after a scramble that was sparked by Western fear that China's digital yuan would take over. However, since then, countries like the U.S. have rejected CBDCs, while others like Canada have stated that they are focusing on other, more critical financial innovations. Watch: Finding ways to use CBDC outside of digital currencies title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
