October 19, 2020

The National High Court points to the Xunta as responsible for the bankruptcy of the Galician savings banks for its efforts to include Caixa Galicia in the merger


The National Court assures that Caixa Galicia was not in a position to join the merger of the Galician savings banks without dragging the operation to failure. The political decision cost 8,000 million to the state and ended up delivering the savings of the Galicians to a Venezuelan capital entity. In a car from the past day 1, which the newspaper El País advances, it is assured that “Caixanova would never have been intervened if it had not been forced to merge with Caixa Galicia, giving rise to NovaCaixaGalicia”. The new box, converted into a bank, was sold to Abanca in 2013, after receiving 9,000 million of public aid in an operation driven directly by Alberto Núñez Feijóo.

The end of the lords of the Galician savings banks: between prison and luxury retirement

The end of the lords of the Galician savings banks: between prison and luxury retirement

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According to the information provided by the newspaper El País, this is the first time that a judge takes a position on the disastrous process of bank merger in Galicia. In the order, the judge assures that the operation was promoted as a result of “the financial situation in which Caixa Galicia was, the savings bank born in A Coruña before the merger. Caixanova would never have been intervened if it had not been forced merge with Caixa Galicia, giving rise to NCG “.

The operation that would end up failing and that is now questioning justice was endorsed by the Government of the Popular Party in the Xunta de Galicia. The Galician executive distributed in 2010 a report from the consulting firm KPMG in which the merger was described as “viable” and the directors of the parties in the agreement were urged to “form the great Galician bank and maintain the decision centers in Galicia “. Feijóo himself was in charge of appearing in the celebratory photo with the presidents of the boxes on the day of the merger.

The managers who participated in that agreement would receive millionaire benefits despite the failure. His luck proved uneven: Julio Fernández Galloso (from Caixanova) would enter prison at 86 years of age. José Luis Méndez (of Caixa Galicia) got rid of prison, despite having received 18 million compensation for leaving the entity that disappeared in that frustrated attempt to become bigger and more Galician.

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