Gortázar warns that if the tax does not cover everyone, CaixaBank could "not compete" where others are

It points to emptied Spain, where its main competitors are rural savings banks, exempt from the tax

The CEO of CaixaBank, Gonzalo Gortázar, has warned the Government that if the tax is not modified to cover all financial entities, that could lead the bank to decide "not to compete" in emptied Spain, where its main competitors are savings banks. rural.

"In two thirds of the Spanish provinces, one of the competitors of the 'top 3' is a financial entity exempt from the tax," the executive indicated during his speech at the 'IV Observatory of Finance', organized by 'El Español ' and 'Invertia'.

"I think, frankly, that it doesn't make much sense, because what they are doing is penalizing entities that have decided that because they are large we can and want to be in rural Spain and have to do so in worse conditions. And that in the long run will only "can lead to decisions not to compete where others are and, therefore, rather to generate more empty Spain if we do not at least provide a playing field that is the same for everyone," indicated the banker.

Gortázar recalled that CaixaBank has adopted the "commitment" of not leaving any town in emptied Spain and "this has a cost", especially in those towns where it competes with entities that are not subject to the special banking tax, which usually be rural banks.

In any case, he has asked for "some debate" when redesigning the tax, although he has maintained that the sector's position is that it is negative for the economy. Furthermore, he has criticized the "bleeding double taxation", since this special tax is not computed on profits but on income, and is not deducted from Corporate Tax.

Asked about the profitability of banking, which is what has motivated the Government for this special tax, Gortázar indicated that the sector has returned "to more normal levels of profitability." In fact, the executive has indicated that CaixaBank obtained a return on equity of around 13%, something that is "quite less than the Ibex 35 average."

"Our shareholders have gone through a very long journey in the desert," Gortázar recalled, denying that there is an "exaggerated" profitability or that the sector has "profits that fell from the sky." "The comparison of profitability recovery has to involve a comparison of recovery of shareholder remuneration," he emphasized.

Looking at the year as a whole, Gortázar has positively assessed the debt situation of companies and families compared to the financial crisis of 15 years ago. "Our clients are much more solid and even in an economic situation that is going better than it should (...), so they have a better capacity to endure," she detailed.