Last updated: 18:43 / Friday, 31 May 2013
Informed by Spain's CNMV

CaixaBank Considers Selling 10% Share of Grupo Financiero Inbursa

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CaixaBank Considers Selling 10% Share of Grupo Financiero Inbursa

In a statement issued las week, CaixaBank said it was studying the possibility of placing approximately half of its participation in Grupo Financiero Inbursa (GFI), equivalent to about 10% of GFI’s common stock, in the Mexican and international markets. “A final decision has not yet been made,” was communicated by the Spanish entity to the CNMV, the Spanish Stock Market Commission.

The entity emphasized that the final decision regarding the placement will ultimately depend on the market conditions and will be communicated accordingly by CaixaBank through the appropriate channels.

In any case, the financial institution stated that CaixaBank’s intention regarding a potential and partial divestiture of its participation in the financial group controlled by the millionaire Carlos Slim, “was not to change its commitment to the GFI project or its principle shareholders”.

Grupo Financiero Inbursa’s 10% stake is currently valued close to US$1.6 billion on the stock exchange, well below the investment that was made by the Spanish bank. In May 2008, CaixaBank bought the share at 38,5 pesos per share, contrasted with the current price of 29,4 pesos per share. This announcement comes at a time when the Spanish banking sector is once again under scrutiny, due to a possible and necessary injection of capital

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