Alvarez & Marsal, único aspirante al contrato del Frob para asesorarle con CaixaBank

Alvarez & Marsal has been selected as the sole bidder to advise CaixaBank on its privatization process after winning a contract awarded by the state institution that owns 18.1% of the bank. This comes after the firm submitted an offer that met the required conditions and was the only one submitted on time. The bidding process for the contract, which could take up to three years, is expected to conclude in the coming weeks.

The maximum budget allocated for this task is €751,000 over three years, which is 15% higher than the previous bidding round. Alvarez & Marsal was awarded a score of 32 out of 50 by the contract evaluation board, considering their technical profile, experience in large-scale stock privatization and placement operations, and the compatibility of their team of eleven members.

The privatization of CaixaBank, which still holds a 18% state stake inherited from the former Bankia, is expected to be completed by the end of 2027. However, the government has the legal authority to extend this timeline. Spain remains one of the few European countries that has not fully privatized its banks and savings banks since the 2008 crisis, with only Germany retaining a 12% stake in Commerzbank.

Prime Minister Pedro Sánchez has been delaying the complete divestiture of CaixaBank's capital, citing the bank's ongoing presence on the stock exchange and the potential for maximizing public aid recovery. The state's involvement in Bankia since its nationalization in 2012 has resulted in €1.721 million in dividends. Since the absorption of Bankia in September 2020, CaixaBank's 18% stake has increased in value by 515%.