October 28, 2020

Goirigolzarri believes that mergers such as that of Bankia with Caixabank are “the best contribution” to get out of the crisis




The president of Bankia, Jose Ignacio Goirigolzarri, has assured this Thursday during his speech at the “VI Guadarrama Forum” that “creating and managing stronger entities, with a larger critical size, and with greater profitability, is the best contribution that from the financial sector we can make to help the financial stability of the country ». This is how the head of Bankia has stated during this business meeting organized in Madrid by the magazine “Castilla y León Económica” and which was closed by the president of the Junta de Castilla y León, Alfonso Fernández Mañueco.

The Chairman of Bankia has framed the merger project between CaixaBank and Bankia in the need toe ensure the profitability of the financial sector because, in his opinion, if the entities do not obtain an appropriate return, they will not be able to raise capital, they will be undercapitalized and, therefore, «They will not be able to fulfill their objective of financing families and companies and support the socioeconomic recovery of our country. Something that has been considered the responsibility of all financial institutions.

Merger with Caixabank

Regarding the merger with Caixabank, he pointed out that, if the shareholders of both banks so decide, “not only will the leading entity in our country be born in terms of business volume and number of clients, but also It will also be the financial entity, among the main groups in our country, with the healthiest balance sheet and with capital levels clearly higher than the regulatory requirements ”.

Goirogolzarri has recognized that the health and economic crisis as a consequence of the global pandemic caused by Covid-19 and pointed out that it is “the greatest challenge we have faced as a society” and warned that «Of how we face the crisis, this is how we will build the future for the next generations ». In his opinion, this future must be faced with serenity and pragmatism “but also with ambition.”

In any case, he has shown his confidence that we are facing “An opportunity for transformation” to “strengthen the weaknesses of society and the Spanish economy and equip itself to face future challenges.”

Higher productivity

Goirigolzarri, has recognized that «Our economy carries chronic vulnerabilities that have been well diagnosed for a long time ”, and defended that“ support for companies is the best way to ensure the recovery of jobs and the country’s productive fabric ”.

«There is no better policy for the preservation of citizens’ income than the preservation of the business fabric», Has remarked. Goirigolzarri has also pointed out that “the main challenge we face is to increase productivity”, and for this he has pointed out that “public administrations, rather than falling into leadership temptations, should have as their main objective, create a breeding ground capable of attracting and retaining talent and investment ».

In this regard, the Chairman of Bankia has called for a regime of legal and fiscal security, an excellent scheme of education and training “for all ages” and the creation of conditions in which investment, both national and foreign, is valued and promoted. To improve productivity, he warned, “we have to give an answer to the imminent challenges such as digital change or the transition to a more sustainable economy, and human capital is going to be a decisive variable.

In this sense, the Chairman of Bankia sees “Essential to improve employability” through active employment policies and stressed that today we are facing the crisis with “very notable” digital infrastructures, “strong support” from European institutions and a “solvent and well capitalized” financial sector .

«The ball is in our court and we must respond with national policies that match of the great challenges of economic recovery and transformation that we face, ”he said.

For this reason, Goirigolzarri believes that it is «fundamental» that we are capable of invest European funds in projects that are capable of multiplying our capacities. “Here we play a lot,” he pointed out to ask for “a very ambitious plan for education and training” with the aim of providing citizens with the necessary skills in the new environment “to ensure the employability of people.”

A prepared sector

In any case, the Chairman of Bankia has defended that «on this occasion, the sector has financial muscle to support families, the self-employed and companies, thanks to the work of all these years and the support of the European Central Bank (ECB) ». As a result of this collaboration between the public sector and the banks, he recalled, more than 530,000 freelancers and companies, through more than 800,000 operations, have benefited until September 15 from financing amounting to 100,000 million euros, which represents 8.5% of GDP.

Along these lines, the President of Bankia has pointed out that during the first half of 2020 the credit to companies of the entity grew by 20% compared to the same period in 2019. «The most relevant challenge we have in the sector is be able to continue supporting families and businesses at the same time that we preserve our balance sheet and improve, in the long term, our profitability ”, he had an impact.

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