CaixaBank has divested of 1% of the shares of Telefónica from a package where it only maintained political rights. After that exit, the bank maintains almost 3.5% of the operator's shares.
Once this operation has been carried out, the bank together with its parent company Criteria Caixa jointly hold around 5% of the shares. The chairman of Criteria Caixa is part of the board of Telefónica, where he holds the position of vice chairman. The reorganization of Telefónica's shares announced today will not alter the representation on the board of Criteria Caixa and CaixaBank, bank sources explained.
Just over 1.9% of Telefónica's capital in the hands of CaixaBank was through a financial instrument called "equity swapp". This instrument implies the loss of economic rights and only the maintenance of political rights. Now, the bank has divested of 1%.
With this mechanism, the bank protects itself from possible drops in the stock.
