Caixanova

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orphan=October 2008
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deadend=October 2008
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advert=October 2008The Caixa de Aforros de Vigo, Ourense e Pontevedra (Spanish savings bank of Vigo, Ourense and Pontevedra), commonly known as Caixanova, is a financial organisation which was established on 17th July 2000 following a Merger Agreement initiated by the General Assemblies of Caixa Vigo (founded in 1880), Caixa Ourense (founded in 1933) and Caixa de Pontevedra (founded in 1930).Caixnova owns 50% of Banco Gallego’s social capital and thus represents the principal financial platform in Galicia consisting of a saving’s bank and a bank with a turnover of 50,000m Euros. Moreover, Caixanova Group’s growing activity, along with its active management generated 230m Euros before tax in 2007.

The beginning

On 15th January 1880 the Mayor of Vigo, Manuel Bárcena y Franco, the first Earl of Torrecedeira, suggested creating a savings bank with the patronage and backing of the Town Council. His idea was presented to the Town Corporation, resulting in the formation of the Savings bank and Town Pawnbrokers, which opened for business on 3rd October of the same year. In addition, Daniel de la Sota y Valdecilla, as head of the Town Council of Pontevedra, established the Town savings bank of Pontevedra on 20th January 1930.

Finally, on 10th March 1932, following a request from Luis Fábregas Coello, the Ourense Town Council approved the creation of the Town savings bank. Upon implementation, the guidelines set out two years previously by the distinguished Galician Alexandre Bóveda were followed when creating the Pontevedra savings bank.

Business Network

Caixanova is currently expanding its business network on a national level, with a view to operating from 725 offices in 2010. Of this number, more than 40% will be located outside of Galicia (the region where the bank was originally established). Furthermore, it hopes to become the leader in the Galician market, expand its Spanish group and continue to grow internationally.

At the close of the 2007 financial year Caixanova had a network of 541 branch offices. Among them, 410 are in Galicia, 45 in Madrid, 15 in Catalonia and Andalusia, 11 in the Valencia Community, and 7 in the Canaries, 5 in Castilla y León, Castilla-La Mancha and the Basque Country and one in the remaining autonomous communities.

Internationalisation

On 31st December 2007 Caixanova’s international network was formed, consisting of 11 branch offices spread across nine different countries in Europe and America. To be precise, the financial establishment has 3 offices in Portugal and 2 representative offices in Switzerland, as well as one in France, another in Germany and finally one in the UK. In America, Caixanova has an operational office in Miami that serves as the head office for the entire continent and supports the representative offices in Mexico, Venezuela and Brazil.

The North American Head Office was awarded International Branch of 2007 by the Federal Reserve - the first time that any savings bank has received this award - which saw the bank’s operations increase in terms of North American resident’s savings.

Supporting businesses

Updating, adapting and modernising the production systems along with corporate and management processes are now strategic issues for business development.

Offering businesses the tools and necessary support to face these challenges has always been one of Caixnova’s strong points in the financial aspect as much as the social aspect.

Caixnova’s commitment to the business world deals as much with the finance as it does with training; its aim is to increase the human capital of businesses. Furthermore, advice, focussing on main profitable sectors, as well as promoting and supporting businesses to grow internationally or to increase value through the purchase of holdings is part of the savings model which defines Caixanova in the business world.

Caixanova’s Social work

As a savings bank, Caixanova carries out an important social work through its own socio-cultural infrastructure and through various partnerships with public administrations, organisations and associations. Their involvement with these bodies includes participation in social, cultural and environmental projects, as well as initiatives for economic development or the circulation of new technologies.

In total, throughout 2007 Caixanova assigned 56.1m Euros to these causes, 31.7% more than 2006, reaching over 2.6million recipients. This represents an increase of 673,000 people compared with the previous year – in other words, a rise of 36.8%. A total of 7,661 activities where carried out in the course of the year, i.e. 3,400 more than 2006.

This extraordinary growth is the result of Caixanova’s efforts in designing its social work initiatives. There aim is to respond to society’s demands. Moreover, the wider socio-cultural has contributed too, now stretching to the major Galician cities and even as far as Portugal. The financial establishment’s infrastructure consists of its social centre, cultural centre and the Pazo de San Roque in Vigo. The social centres in Pontevedra, Coruña and Ourense, the business school, the professional training centre in Vigo and Ourense, the Calem warehouses in Oporto and the Immigrant Care Centre in the city of As Burgas are also part of this network, as shall be the imminent additions of the social and cultural centres of Santiago and the institutional headquarters of Madrid.