04 oct 2016
4th business meeting CEOE-CEPYME

José Ignacio Goirigolzarri thinks the Spanish banking sector is currently reasonably structured

Bankia’s president was introduced by Juan Rosell and the event’s closing speech was delivered by Antonio Garamendi.


Bankia’s president, José Ignacio Goirigolzarri, highlighted that the Spanish banking industry is currently reasonably structured as well as being solvent. He said this during his speech at the Business Meeting organized by CEOE and CEPYME, with the collaboration of companies Cuatrecasas Gonçalves Pereira and Hewlett Packard Enterprise.

José Ignacio Goirigolzarri thinks the Spanish banking sector is currently reasonably structured
©David Mudarra

Goirigolzarri, who divided his speech into two parts, as suggested by its title, “Spanish Financial System. Bankia within the new scenario”, analysed the situation of the Spanish financial system and subsequently explained Bankia’s situation, focusing on the bank’s efforts aimed at the various groups of stakeholders with which it relates, such as customers, employees, shareholders or directors.

In regards to the sector’s analysis, he underlined that it is not always regulated in an orderly way and commented on the pressure felt on the revenue front due to low interest rates and non-growing credit, also stressing the impact of the digital transformation experienced by the Spanish banking industry in the last few years. Referring to the great challenges faced by the sector in our country, he mentioned those concerning profitability and reputational issues.

Bankia’s president said that both challenges are preferable to those existing in 2012, which were solvency and survival of the sector. He added that society should not think that banks cannot make money. With regards to Bankia, he said the company had reduced its branch network by a third since 2012 and he distinguished between trivial commissions and those applied to products that offer added value, pointing out that Bankia does not charge commissions on which the client fails to see what the service provided was.

Meanwhile, the president of CEOE, when introducing the speaker, highlighted his successful professional career and explained how during the recent crisis, the support received by the European financial system was less diligent and effective than the one offered to American banks, which received immediate help from the US Congress and Senate.

Furthermore, he pointed out that these Meetings organized by CEOE and CEPYME provide an opportunity for relevant figures within the business world to comment how they’ve faced, as leaders of their companies, the challenges derived from globalization and from the need for innovation.  He said that the meetings provide information on sectors and companies and enable making the acquaintance of important leaders.

This is the fourth meeting organized by CEOE and CEPYME. The first one took place on November 25, 2015, and the invited speaker was Francisco González, president of BBVA; the second one was held on March 2, 2016, and it saw the participation of Antonio Llardén, president of Enagas; the third and prior one to today’s took place on May 11, 2016 and the guest speaker was Fernando Abril-Martorell.

During the closing of the event, the president of CEPYME, Antonio Garamendi, said that Entrepreneurs and Banks need each other and that the speaker had highlighted this fact, as well as his commitment to people as a new way of doing things. Moreover, he called for stability, security and trust, conditions that businesses need to carry out their activities.