Navarre loses €500 million with its savings bank

That amounts to 77% of the real value of the Caja de Ahorros de Navarra (CAN, Savings Bank of Navarre), which was estimated in €658 million in 2010, a 3.6% of the Navarrese GDP that same year.

It was in 2010 when the CAN, owned by the chartered kingdom and the City of Pamplona, was fused with a random array of Spanish savings banks from Castile, Andalusia and Canary Islands forming the short-lived Banca Cívica. And it was in that fusion that its value was estimated to be €658 million euros. 

Yesterday all Banca Cívica was acquired, almost overnight, by the all-powerful Caixabank (formerly the savings bank of Catalonia, La Caixa). As result of all the agreed transferences, Navarre and Pamplona will only have 1.4% of the stocks of Caixabank, amounting to a mere €150 million.

The loss is scandalous, specially considering that the CAN has not lost anything apparent in the meantime. It has just been a scam to the Navarrese people. 

Isidre Fainé* is the new capo di capi

With this acquisition Caixabank becomes the largest bank of Spain, outranking Banco Santander and BBVA, which were the leaders until now. Caixabank is controlled by La Caixa, which previous to this acquisition had more than 80% of the stock of Caixabank. La Caixa is a semi-private semi-public corporation with a complex organization (private investors, charities and foundations, municipalities and a small worker representation) but effectively lead by the Catalan bourgeoisie as a private corporation.

Caixabank in turn holds 12% of Repsol YPF (major oil company), 5% of Telefónica (major telecommunications company) and controls Gas Natural Fenosa, which I had to denounce years ago for their criminal policies in Guatemala.

Main source: Gara[es].

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*Fainé i Casas was speculated to be the misspelt Isintro phenomena casket (sic) who participated in the Bilderberg meeting 2009 in Athens.