Banca Cívica, S.A. was a bank created as a result of the
European debt crisis
The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The e ...
as an emergency response by the
Spanish
Spanish might refer to:
* Items from or related to Spain:
**Spaniards are a nation and ethnic group indigenous to Spain
**Spanish language, spoken in Spain and many countries in the Americas
**Spanish cuisine
**Spanish history
**Spanish culture
...
government regulatory authority "Institutional Protection System" (
Spanish
Spanish might refer to:
* Items from or related to Spain:
**Spaniards are a nation and ethnic group indigenous to Spain
**Spanish language, spoken in Spain and many countries in the Americas
**Spanish cuisine
**Spanish history
**Spanish culture
...
: ''Sistema Institucional de Protección'', or SIP) that comprised the
savings bank
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...
s of
Caja Navarra,
Caja Canarias,
Caja de Burgos and
Cajasol. It became part of
Caixabank
CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Barcelona and Madrid. It is Spain's third-largest lender by market value, after Ban ...
on 3 August 2012, at which time shares for the company ceased to be quoted.
History
This institution, the founding entities of which were Caja de Burgos, CajaCanarias and Caja Navarra, was incorporated as a
bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
by means of notarial instrument issued on 9 June 2010. It began operating on 18 June 2010 and was the first SIP to operate in Spain.
The institution announced its merger with CaixaBank on 23 March 2012.
On 26 June 2012, the Extraordinary General Shareholders' Meeting approved the institution's incorporation in CaixaBank. The operation established the leading institution on the Spanish market, with over 13 million clients and assets of 342,000 million euros. Incorporation neither required public guarantees nor represented any cost at all to the rest of the finance sector.
On 3 August 2012, the merger of Banca Cívica into CaixaBank was registered, resulting in the absorption of Banca Cívica and its dissolution.
On 9 April 2013, CaixaBank returned the €977 million that
FROB
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