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Spanish savings bank La Caixa started trade as CaixaBank on Friday by reversing its banking business into its listed industrial holding company, the latest caja to seek private capital under state demands.
The listing of CaixaBank, Spain's largest savings bank by branch network, came two days after rival savings banks Bankia and Banca Civica published the details of their sharply discounted stock listing plans.
Shares traded 1.7% higher to 4.86 euros, valuing the bank at around 18 billion euros, more than double the market capitalisation Bankia hopes to achieve with its plans to raise up to 4 billion euros through an IPO.
Madrid has forced its banks to shore up their capital levels to reassure global markets over the stability of its financial system. This is part of a package of reforms aimed at preventing a Spanish debt crisis similar to that of Ireland or Greece.
Barcelona-based CaixaBank - one of Spain's biggest and strongest banks - has started rebranding offices and branches with the new name although it will keep La Caixa's blue star logo designed by Catalonian artist Joan Miro.
La Caixa injected its banking assets into already-listed industrial holding company Criteria while shifting real estate assets and some of its stock holdings, including stakes in Abertis and Gas Natural , into an unlisted company.
The well-flagged move, announced in January, allows a public listing without going through an initial public offering (IPO).
The operation values CaixaBank at 0.8 times book value, in line with the listed mid-sized Spanish banks, and substantially higher than Bankia and Banca Civica.