Spain’s CaixaBank opens for business in Australia

10 Oct 2018

With the opening of its Sydney office, CaixaBank becomes the only major Spanish bank to have a presence in Australia.

The Australian office will support foreign trade initiatives and investment projects being carried out by Spanish companies in Australia, as well as Australian companies operating in Spain, according to a company media release.

The office, which will be headed by Gabriel Saro, aims to forge closer ties with local financial institutions to assist in-market customers, including SMEs, large corporations and micro enterprises just beginning to export.

Currently, more than 100 Spanish companies have operations in Australia, while more than 1,100 Spanish companies have a commercial relationship with the country.

Trade between Spain and Australia has been growing in recent years.

In 2017, Spanish exports to Australia increased by 21.5% to over €1.6 billion, while Spanish imports from Australia increased by 23.5% to €618 million, according to the Spanish Institute for Foreign Trade (Icex).

The Australian office is part of CaixaBank’s strategic objective to build a strong international presence in business and coporate banking. Its network now comprises 24 points in 19 countries, with 18 representative offices and six branches.

Australia’s highly developed financial sector and geographic location makes it an ideal hub for the Asia-Pacific region, with several international banks and financial institutions using it as a base for activities within the region.

Headquartered in Valencia, CaixaBank is Spain’s leading financial group, comprising banking, insurance, pension, and investment fund activities, as well as holdings in international banks.