CaixaBank will close around 800 branches in Spain

  • ECO News
  • 27 November 2018

CaixaBank, the Portuguese Investment Bank's (BPI) owner, wants to close around 800 of their branches in Spain until 2021. The company informed investors about their strategy this Tuesday, in London.

CaixaBank, the owner of BPI, wants to close more than 800 branches in Spain’s major urban centres in the next three years, according to the company’s 2019-2021 Strategic Plan, which was presented today in London to analysts and investors.

The Spanish bank will thus go from 5,358 banking dependencies in 2014 and 4,460 in 2018 to 3,640 in 2021.

The reduction of the commercial network will be mainly carried out in urban centres and will remain unchanged in the more rural areas, with a population of fewer than 10,000 people.

CaixaBank wants to “accelerate digital transformation” in order to become more efficient and flexible, optimizing their use of the new technologies.

“We want to consolidate our role as a leading and innovative financial group with the best customer service and be a benchmark in socially responsible banking,” said CaixaBank CEO Gonzalo Gortázar.

CaixaBank also defined as one of its priorities a profitability above 12% by 2021.