La Caixa Internal Restructuring

[Agency: Llorente & Cuenca]

Challenge: La Caixa is one of the 10 largest banks of the Eurozone and the first retail banking group in Spain, with a 15 percent market share. In 2010, the group needed a strategic communications plan for a deep internal restructuring, which resulted, among other aspects, in the reorganization of its structure from a savings bank to a new bank, CaixaBank. To there it transferred its financial activity, insurance business, international banking and relevant stakes in large Spanish multinationals. CaixaBank also launched on a stock exchange and issued convertible bonds for €15 billion.

Actions: In conjunction with 150 meetings with executives and roadshows with institutional investors and minority shareholders, Llorente & Cuenca developed context analysis, validating all potential scenarios that could arise in the process of the corporate change. Our agency also wrote intelligence reports on similar operations carried out by La Caixa’s Spanish peers, redefined the bank’s SWOT, made OTR and ONR contacts with key journalists, and supported the extraordinary general meeting and presentations of financial quarterly results. In addition, Llorente & Cuenca mapped relevant stakeholders, including financial bloggers, stock exchange information experts and opinion leaders.

Results: As a result of the strategic plan, La Caixa ensured that its values were upheld and promoted its key strengths among stakeholders. More than 90 media representatives attended the IPO, and coverage included nine pieces in leading international financial media, 79 news pieces in national media (13 on the front page), 32 news pieces on primetime TV and 49 online news pieces. During the week of the IPO, La Caixa claimed 40 percent of all online references to financial institutions in Spain, 85 percent of which were positive or neutral.

[photo: creativecommons.org/rahego]