La Caixa unveils audacious plan to restructure
SPANISH savings bank La Caixa will boost its capital and become a listed bank, under audacious new restructuring plans.
It will transfer its banking business to listed unit Criteria CaixaCorp, which will in turn transfer some of its industrial stakes in companies to a new entity.
The new banking business will be called CaixaBank, which will include current holdings in companies Telefonica, and Repsol and be valued at around €20.6bn (£17.75bn).
La Caixa will be the controlling shareholder in CaixaBank, with around 81.1 per cent of its capital.
CaixaBank will strengthen its capital position through the launch of convertible bonds for up to €1.5bn.