Spain’s La Caixa banking group plans to sell a 7.5 percent stake in its listed lender CaixaBank SA in a bid to raise 1.5 billion euros ($2 billion) to bolster capital.
CaixaBank, the lender created from restructuring Spanish savings bank La Caixa, posted a 27 percent drop in first-quarter profit as lending revenue declined.
Criteria CaixaCorp SA shares surged after its majority owner, La Caixa, said it will transfer its banking business to Criteria to comply with new regulations and raise capital.
GDF Suez SA, operator of Europe’s biggest natural gas network, denied a report that it plans to lower its stake in water utility Suez Environnement.
The U.K. is losing about 38 billion pounds ($61 billion) a year to fraud, with the finance industry bearing the largest loss in the private sector of 3.6 billion pounds, the government said.
Spanish savings bank La Caixa reported 2010 recurring net income fell 12 percent as it announced plans to transfer its banking business to a listed subsidiary to comply with new regulatory rules.
La Caixa, a Spanish savings bank, is preparing to set up a new bank that it will list on the stock exchange, El Confidencial reported, citing people in the financial industry it didn’t identify.
Spain’s La Caixa banking group plans to sell a stake in its real estate management company to tap demand from investors seeking to profit from the country’s property crash, people familiar with the plans said.