CaixaBank faces EUR 3bn capital shortfall if ECB changes regulations
CaixaBank [BME:CABK] could be forced to raise EUR 3bn in capital if the European Central Bank (ECB) removes the Spanish bank's status as a financial conglomerate, El Confidencial reported. The Barcelona-based bank is confident that it will be able to maintain this status or reduce its capital needs if it cannot, the report said.
Banks have a status of financial conglomerate if more than 10% of their revenue comes from insurance, the report said, adding that BNP Paribas [EPA:BNP], Crédit Agricole [EPA:ACA], Crédit Mutuel, KBC [EBR:KBC], ING [NYSE:ING] and Unicredit [BIT:UGC] all benefit from this category. The ECB is thinking of removing the category, the report said.
El Confidencial