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The new bank will start with a solvency CCM
Bank Liberta, Cajastur firm will absorb the banking business of CCM, born with a partner solvency of Santander, BBVA and Popular. According to reliable sources, the intention is that the split with a new bank capital ratio Tier 1 of around 10%, which will be provided by Cajastur and CCM in proportion to their participation. In addition, the FGD protect up to 2,700 million loss the new bank.
Mutation of Caja Castilla La Mancha (CCM) will lead to a new entity with a solvent similar to Asturias, point sources familiar. Therefore, the ratio of Tier 1, consisting of equity plus preferred stock, will be located in the vicinity of 10% over risk-weighted assets. This figure measures the ability of an entity to deal with potential losses on their investments.
According to these sources, the contribution of capital to Banco Liberta will be built using ordinary tools and mechanisms to provide equity, although the final format will be chosen during the negotiations. In any case, the philosophy of Cajastur and CCM passes the new bank emerges as a solid entity, solvent and healthy from the start.
The Tier 1 Bank Liberta will be similar to that of Banco Popular, which has 9.9% after the last capital increase and issuance of convertible Santander (9.2%), BBVA (9.4%) and Banco Sabadell (8.94%). Banesto (8.56%) and Bankinter (7.51%) are below. In any case, the quality of the assets of these listed companies is higher than that of the new CCM, so that capital will be under more pressure.
For this reason, the Deposit Guarantee Fund (FGD) has developed an asset protection scheme that will cover up to 2,700 million euros in credit losses Liberta Bank . A consulting partner to this site explains that the approach is very conservative. CCM ended the third quarter with a default of the customers of 15.25% and a loss of 118 million euros.
The rest of the aid is for CCM, which after transferring their banking business will remain with the industrial corporation, 25% of new bank and social work, whose funding will come from dividends Liberta. The box will receive the FGD 400 million and 900 million preferred shares without political rights, after repayment of 1,300 million in preferred before the summer had signed the bottom.
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Liberta Bank operates under the brand CCM despite the legal transformation, so that customers will not notice any change in its treatment more routinely with the entity. That is, the logos of the branches do not include any review of Bank Liberta. This caution also extends to the management of the box, as Liberta plans to follow the spirit of the plan that new managers promoted in CCM (Plan Tajo).
Even with all the truth is that a box and another box will add a box that controls a bank with assets that will be in the environment of 20,000 million euros, 18,000 million in loans and about 16,200 million in deposits. This size is very similar to competitors such as Bank Valencia (controlled by Bancaja) and Bank Pastor , both publicly traded.
Jump to the park is an option that opens the new CCM , but it is a long shot due to a strategic level to Cajastur have this asset. In any case, sources consulted say there is no clause to prevent a hypothetical disposal of the Asturian box or Manchego, which raises concern among some unions or IU.