CatalunyaCaixa earns 448 million euros from the sale of its stake in Repsol

The Catalan savings bank owed the 1.63% of the oil company Repsol. By selling all its stakes, it earned 448 million, which represents a profit of 186 million euros. The financial entity made this operation to increase its core capital, in order to be ready for the banking stress test.

CNA / Josep Molina

January 20, 2011 06:08 PM

Barcelona (ACN).- CatalunyaCaixa earned 448 million euros this week when it sold all its stakes in Repsol, which correspond to 1.63% of the oil company’s. According to a statement from the saving bank, CatalunyaCaixa made a profit of 186 million euros with this operation. Although this sell was foreseen in the business plan, the positive trend noted in the oil company’s value made the savings bank going beyond the initial expectations. The sale allows the savings bank’s liquidity to increase by 448 million, while strengthening its capital with an increase of 32 basic points in its ‘core capital’. According to the statement released by the savings bank, CatalunyaCaixa hails the operation as 'excellent'. Just last week the bank gained a dividend of 0.525 euros per share. CatalunyaCaixa made the most of the fact that the value of oil shares were at the highest in two and a half years