La Caixa yesterday illuminated a strategic shift, the result of a long period of maturation that Isidro Fainé began to design at the end of 2021 and that will imply that Criteria, owner of the largest industrial investment portfolio in Spain, scales its policy as a relevant actor in the business map configuration. It had done so until the great financial crisis of 2008, which hit the financial sector and the savings banks so hard and led the Catalan entity to withdraw and opt for minimalist, low-gloss investments.
Now, the situation is different. The recovery of profits, especially, but not only, of banking profits through CaixaBank, is a reality. In the recently completed 2023, Criteria's profits will have been around 1,000 million. Figures that ensure the support of the Foundation and stimulate a more ambitious policy.
On the other hand, the challenges of economic globalization, geostrategic tension and corporate concentration demand more energetic intervention in the companies in which it participates. With the assumption of more involvement and alignment with the strategic interests of the Spanish economy.
And yesterday the Criteria board took the first step in this new direction with the appointment of Ángel Simón as chief executive. A civil engineer far from accounting pointillism, he worked on defining the main guidelines of multinationals and relevant service companies. Accustomed to strategic decisions and with fluid direct dialogue with governments and administrations; of different colors and sensitivities.
At the same time, he is a person of the house, three decades in different responsibilities, always in the environment of Agbar, and of the maximum confidence of Fainé, A fact more than relevant in moments of speculation in the capital about an alleged politicization maneuver of the entity in the framework of the negotiations for the investiture of Pedro Sánchez.
Succession readings will also be made about yesterday's change, but the reality is that what has been put in place is a tandem led by a president who has a new term of another four years and an executive with a policy of strategic investment projects.
Criteria plays a particularly relevant role in the Spanish economy and therefore in the Catalan economy and there is no investment instrument that compares to it.
Without a doubt, the Government will receive the new direction with interest, since the existence of an agent of these characteristics is essential to ensure strategic positions in the large Spanish companies at a time when the winds of economic protection against unwanted external landings are blowing in Europe. .
Two cases stand out in the Spanish business panorama. And in both, La Caixa occupies a crucial position. These are Naturgy and Telefónica. In the first, the large Spanish gas operator, the movements of large funds have generated concern in the Government from the first moment. This has even gone so far as to question the group's split-up proposals to please outside investors. For the Spanish executive, La Caixa's 27% stake is vital insurance.
In the telecommunications operator, with a lower shareholding percentage of the two Spanish investors, Caixa and BBVA, the landing of the Saudi State has led the Government to announce that it will buy up to 10% of the capital to secure the position. A movement with a lot of friction that requires stable allies with financial muscle. Finally, there remains the largest bank in the country, CaixaBank, in which 30% of Criteria deters any unwanted approach.
