Jordi Gual,President ofCaixaBank, has asked"resume the path of reforms"To continue improving competitiveness, reduce the levels ofpublic debtand, at the same time, "lay the foundations for more inclusive growth, that does not leave anyone on the sidelines". This was announced at the General Meeting of Shareholders of the entity, held this Friday in Valencia.
During his speech Gual has also reviewed the macroeconomic environment and the outlook for 2019: "It is foreseeable that the world economy and the euro area will be in the next few years in a phase of moderate growth." In this environment the chairman of CaixaBank has stressed that both Portugal and Spain"They will continue to grow above the euro zone."
In this context, the economist has referred to the monetary policy of the euro zone, at a time when theEuropean Central Bankbegins to rethink the suitability of maintaining the policy of negative types of deposit facility. For Gual, "this would bea positive and encouraging decisionsince the situation that caused this policy, when feared a possible deflation, has already been overcome "
The chairman of CaixaBank has highlighted the challenges posed by the new environment for the financial sector,"like the revolution of data and mobility". In any case, for Gual "the digital transformation gives us a great opportunity to interact more with our customers and offer them a better experience".
During his speech before the shareholders ofCaixaBank, Jordi Gual, thanked Javier Ibarz, Alain Minc, Juan Rosell and Antonio Sáinz de Vicuña, who are no longer advisors, "their dedication, support and commitment to the entity over the years, full of challenges, in which They have been part of our Council. "
The chairman and CEO also expressed their gratitude for "the commitment and effort of the more than 37,000 professionals of the Group, without whose work it would not have been possible to achieve the challenges set throughout the Strategic Plan 2015-2018".
Increase in market shares and improvement of profitability
For his part, the CEO of CaixaBank,Gonzalo Gortázar,He began his speech with a review of the year 2018. Gortázar has underlined as main advances of the year, "the reinforcement of leadership in retail and digital banking, the strong reduction of problematic and non-strategic assets and the achievement of an adequate return".
CaixaBank has continued to grow significantly in the market shares of retail products, despite having a leading position. "We have a payroll fee of 26.8%, in products of medium and long term savings of 21.8%, of 15.7% in credit to the private sector; In addition, we achieved a penetration of 29.3% of individual customers and 32% of digital customers, which consolidates us as the reference bank of the system ", said the CEO.
Gortázar has also referred to the "sustained improvement in profitability, which has gone from 3,4% in 2014 to 9,3% at the end of 2018, in line with the objectives of theStrategic planand the cost of capital ".
People, key stake of the entity
Next, the CEO has outlined the priorities for the coming years, which go through "be closer to the client, maintain a profitability that ensures sustainability and remuneration to shareholders and remain benchmarks in responsible banking. For this, we have the best team. "
For Gortázar, "the change in customer behavior, the prolongation of the environment of low rates, the strong competitive pressure and the unsustainability of the cost of risk at a minimum, requires us, on the one hand, investment to adapt the distribution network to the client. and, on the other, a continuous search for efficiency to ensure sustainability ".