Criteria, the holding company that controls Caixabank, has decided to slash its stake in Caixabank to 40% from 56.8% by 2017.
The move will spare Criteria from adhering to Bank of Spain’s new rule which requires holding firms with majority stakes in banks to meet the regulatory capital requirements that apply to a banking group.
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"The reduction will facilitate the entry of new investors and new funds into the shareholder structure of Caixabank," Criteria in a regulatory filing said.
Apart from Caixabank, Criteria also owns large stakes in other Spanish businesses including Gas Natural and Abertis. Caixabank too, owns large stakes in Telefónica and Repsol.
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