¿QUIÉN PAGA, QUIÉN GANA? EL CASO DE LA VENTA DEL BDV / WHO PAYS, WHO WINS? THE CASE OF THE SALE OF BDV

Salvador Climent Serrano ()

European Research on Management and Business Economics (ERMBE), 2016, vol. 22, issue 1, 47-54

Abstract: El proceso de venta del BdV gestionado por el FROB duró 10 días. La venta se adjudicó a CaixaBank por un euro después de recibir 5.500 millones de fondos públicos. El informe de Oliver Wyman de 2012 motivó dicha reanudación. En él se estimaban unas necesidades de 1.846 millones en el escenario base, escenario que ha sido peor que el real. Este trabajo analiza el valor del BdV. Los resultados indican que el valor mínimo del BdV para CaixaBank es de más de 4.000 millones de euros. Sin embargo, no se ha podido determinar el porqué de esta diferencia. Diferencia reconocida en las cuentas de CaixaBank. Sin embargo, el precio pagado, un euro, después de un sacrificio muy importante de fondos públicos en una etapa de disminución del gasto y de prestaciones sociales es una cuestión que debería ser investigada. / The process of sale of BdV managed by the FROB lasted 10 days. The sale was awarded to CaixaBank for one euro after receiving 5,500 million euros of public funds. The Oliver Wyman report, published days before, drove this resumption. The needs that were estimated at Oliver Wyman report were 1,846 million euros in the baseline scenario, a scenario that has been worse than real. This paper analyzes the value of BdV. The results indicate that the minimum value of BdV for CaixaBank is over 4,000 million. However, this study could not determine why this difference. Difference recognized in the accounts of CaixaBank. However, the price paid, one euro, after a major sacrifice of public funds at a time of declining expenditures and social benefits is an issue that should be investigated.

Keywords: Valoración de empresas; Banco de Valencia; CaixaBank; Company valuation; Banco de Valencia; CaixaBank (search for similar items in EconPapers)
JEL-codes: G12 G21 G34 (search for similar items in EconPapers)
Date: 2016
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