Caixabank says its business model different from banks that caused turmoil

Kitco Media
By Reuters
Published:
Updated:
Reuters
MADRID, March 31 (Reuters) - Recent market tensions were triggered by banks with a "very different" business model to Caixabank's , the chairman of Spain's biggest lender by domestic assets said on Friday, adding that it had sound levels of liquidity and capital. The banking sector turmoil was triggered by the failure of some smaller lenders in the United States, such as Silicon Valley Bank, which had an unusually high level of corporate deposits, and Credit Suisse , which was rescued by UBS . "We have a huge diversification of our investments because we cover all segments, from large corporates to households, and because our ratios are extremely robust in terms of liquidity and solvency," Caixabank's Chairman Jose Ignacio Goirigolzarri told shareholders. Since the beginning of the market tensions, shares in Caixabank have dropped 10.2%, although they have recovered 4.5% in the last four trading sessions. On Friday, shares in Caixabank were down 1.9% at 0925 GMT.


Caixabank ended 2022 with a liquidity coverage ratio of 194%, well above the global banking sector average of around 140% as of June 2022, according to the Basel Committee on Banking Supervision. (Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by Andrei Khalip)

Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.