CatalunyaCaixa will be the name of the second Catalan savings bank
Today the new name and image of the second Catalan savings bank as a result of the Caixa Catalunya, Caixa Tarragona and Caixa Manresa merger was presented. CatalunyaCaixa will be the new brand, which has been decided upon after negotiations and strategic studies. CatalunyaCaixa has not yet decided if it will look for more capital.
Barcelona (ACN).- The merger of the savings banks Caixa Catalunya, Caixa Tarragona and Caixa Manresa now has a name. The official name will be CatalunyaCaixa while the legal name of the second savings bank in Catalonia will be Caixa Catalunya Tarragona Manresa. After the merging was approved in May by the board of all three savings banks, the commercial name of the resulting entity was still to be decided. The new board approved the name yesterday after rounds of negotiations and strategic studies.
While Caixa Catalunya was the biggest corporation, it did not want to impose its name, assured the new financial entity\u2019s executive director, Adolf Todó. However, they did want to maintain the words \u201CCaixa\u201D, which means \u201Csavings bank\u201D in Catalan, and \u201CCatalunya\u201D, to show the implication with the territory. The formula CatalunyaCaixa aims to show that the savings bank is a new project.
It is an \u201Cimportant\u201D decision, a \u201Cwanted and desired\u201D brand, one which is not the product of an \u201Cimprovised\u201D agreement, said the presidents of the 3 merging savings banks, Narcís Serra, Manel Rosell and Gabriel Ferraté, from Caixa Catalunya, Caixa Manresa and Caixa Tarragona, respectively. The changes regarding the commercial brand will be effective within the next year in the 1,200 branches of CatalunyaCaixa. The president will be Narcís Serra, former Spanish Deputy Prime Minister during the early 1990s.
Adolf Todó also explained that the new savings bank\u2019s board has not taken any decision regarding enlarging its capital. \u201CWe are studying it,\u201D he said. Once this decision is taken, in case of needing more capital, this sum will be quantified and only then will it be decided how to get it. Todó also stressed that the recent Basilea III agreement leaves them enough time to study this matter calmly, as the new requirements will start in 2015 and be fully in place in 2019.