21/05/2014 – Expansion
Grupo Ahorro Corporación, controlled by old savings banks, came back on the profit track in 2013. After re-directing its activity, the firm earned one million Euros, compared to €166 million lost in 2012 due to necessity to cleanse its balance sheets.
The reorganization involved sale of the fixed-income portfolio of the savings banks. For 2014, the group foresees similar results.
Financial operations conducted by Grupo Ahorro Corporación brought it €8.9 million gains, standing high in front of the €115 million losses in 2012. Mostly, the profit derived from financial asset sales and valuation adjustments.
Gross margin income of the group reached €69 million, whilst a year before it showed negative €43 million. Commissions fell 28% to €87 million.
Inside the reorganization plan, the group reduced its balance by 29.2% to a bit more than €1.1 billion.
Ahorro´s 2014-2016 business plan foresees focus on activities requiring very little own financial contribution and no financing. Therefore, it will give up trading and turn to intermediation, management and advisory.
AC Gestión, the group´s funds manager, reduced the real estate scope in its ownership by 12.18% to €3.2 billion. The servicer earned €495.000 in 2013 (and lost €2.6 million in 2012).
Grupo Ahorro Corporación is held by 14 entities: Cecabank as the majority stakeholder with 14.4%, whereas BMN, Bankia, CaixaBank, Liberbank, Ibercaja, Unicaja and Kutxabank possess between 5% and 10% each. Moreover, there are Sabadell, NCG, BBVA, Catalunya Banc, Ontinyent, Pollença.
The group seeks a buyer for its headquarters building in Madrid (see blue link above).
Original article: Expansión (by Elisa del Pozo)
Translation: AURA REE