La Caixa accomplished the process of joining Criteria CaixaHolding and ServiHabitat XXI. The corporate transaction has been already registered in the Mercantile Registry of Barcelona. It allows to unify the corporative structure of the savings bank having two main branches: 55,72% of CaixaBank and a shareholding in Criteria and Obra Social (Welfare Projects).
As EXPANSIÓN informed on the November 2oth, the financial group chaired by Isidro Fainé approved the fusion of Criteria and ServiHabitat aiming at improvement of its efficiency and cut in the corporate costs.
The transaction was of reverse merger nature, as Criteria has been overtaken by the real estate company ServiHabitat. Before it had served as its subsidary.
Once the operation completed, ServiHabitat changed its name to Criteria CaixaHolding. The new company moved its premises to the towers on the Avenida Diagonal Street, belonging to La Caixa. (…)
The reverse merger resulted in revocation of all the Administrative Board of ServiHabitat which has been chaired by Francisco Bellavista. (…) There has been only one change made: Gonzalo Gortazar, the CEO of CaixaBank stepped down giving his position to Isabel Estapé.
Isidro Fainé will maintain the chairmanship of Criteria and Juan María Nin will become the vice-chairman. Together with Estapé, the board will consist of 17 other members (…).
Criteria manages the assets that La Caixa holds in Abertis (19,25%), Gas Natural (34,62%), Agbar (24%), Mediterránea Beach & Golf (100%), Saba (50,1%) and Vithas Sanidad (20%); moreover, the bank has got a minor holding in Colonial. Additionally, the new Criteria possesses all the real estate assets which belonged to ServiHabitat. La Caixa transferred to the company all the houses and plots awarded by February 2011, before the creation of CaixaBank.
By September 30th, Criteria has holded assets worth 8.782 million Euros. On the part of ServiHabitat, the assets were valued at 3.519 million Euros, according to the merger project balance. The bank debt of ServiHabitat – with CaixaBank – raises up to 2.364 million Euros. ServiHabitat possessed 447.744 square meters of property with the gross book value of 3.393 million Euros.
The merger between the companies was arranged when La Caixa had sold to CaixaBank the firm Servihabitat Gestión de Inmuebles (SGI). (…) In parrarel to this step, CaixaBank sold in September 51% of SGI to the U.S. fund TPG.