Tag Archives: cajamar

Cajamar offloads 400 million euros in bad loans for 7,5 M in cash

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Local cooperative bank Cajamar has rolled up some 400 million euros in bad loans into one big package and has sold them for seven and a half million euros in cash to Haya Real Estate, a mainly US backed investment vehicle. This is the second big operation with that company for the bank, after it sold Haya its real estate platform “Cimenta2” for 225 million euros last year. The loans in question were all granted Continue reading Cajamar offloads 400 million euros in bad loans for 7,5 M in cash→

Cajamar, a flipping useless bank which takes delight in trapping the unwary

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Cajamar appears to a have an official policy of putting little traps in the path of the unwary financial traveller. For example, I recently signed a zero commission agreement with them for cheques. Everytime I pay a cheque into the company account, they used to charge €1, but this got rid of it. Fair enough. But, they keep taking the €1 out of the account for each cheque, and returning it a week later or Continue reading Cajamar, a flipping useless bank which takes delight in trapping the unwary→

Cajamar cashier who stole 154.124€ from clients “almost” sent to jail

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A female Cajamar cashier who stole 154.124€ from the accounts of 20 different clients between 2006 and 2010 has been sentenced to 21 months jail for the crime. She’s also been fined 2€ a day for 6 months (errrr….. 365€? That doesn’t seem much). Of course, reading between the lines, if you have a clean record, you don’t normally go to jail if the sentence is under 2 years – it’s usually suspended (except for Continue reading Cajamar cashier who stole 154.124€ from clients “almost” sent to jail→

Cajamar sells 7.3 BILLION of real estate assets for just 225 million euros

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…and this is good news! I returned to Spain to be greeted with this exciting bit of news – not sure why they thought I’d be particularly interested. Anyway, the US deal I mentioned recently seems to have fallen through, and instead Cajamar Group have sold off Cimenta2 assets to Haya Real Estate, a “Spanish service group specialised in the management of building investment and real estate asset management”. Although I suspect that los politicos Continue reading Cajamar sells 7.3 BILLION of real estate assets for just 225 million euros→

The Yanks are coming! Cajamar to offload bad real estate debt to USA fund

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Three US funds have put a joint offer of 200 million euros for the bad real estate debt of Cajamar, our local bank. TPG, Apollo & JC Flowers have joined forces to table the offer, which looks likely to be accepted, according to Expansion newspaper. Cajamar setup a real estate asset management company called Cimenta2, which attempts to sell all their embargoed property. It also manages a vast amount of outstanding credits, or bad debt. Continue reading The Yanks are coming! Cajamar to offload bad real estate debt to USA fund→

Cajamar lends DCoop fruit 110 million euros at 1.5% interest

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(It’s worth pointing out that the president of DCoop, Antonio Luque, is a Vice President at Cajamar). Not that anybody is suggesting a conflict of interests or anything, but even Antonio himself couldn’t believe his good luck: he told local media that “it was a fantastic rate, no other bank could come close”. Well, when it’s the same bloke asking and giving other peoples money… No, that’s unfair, I’m sure the credit was properly risk Continue reading Cajamar lends DCoop fruit 110 million euros at 1.5% interest→

Cajamar Bank formed today

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Cajamar, our homegrown rural caja done good, has today signed into being a brand new Bank which will act on a national level. Cajamar is the main backer of the new bank, but has been joined by 32 other rural saving banks from across Spain. The Banco de Crédito Social Cooperativo will start operating as from the 1st of Feb, and will as from the 1st of May start running as the head and front Continue reading Cajamar Bank formed today→

Cajamar: mortgage floor abolished for all, but 15% default of loans…

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Expect higher sneak commissions from Cajamar over the next few months after the rural bank admitted that defaults on loans have soared to 15,10%. The admission comes as Cajamar admits this is impacting its ability to keep offering credit lines to customers. It’s total amount of loans on offer have sunk to 34 billion euros. Although part of the increase is down to new accounting rules from the Bank of Spain (ie, they can’t sweep Continue reading Cajamar: mortgage floor abolished for all, but 15% default of loans…→

The state of the Andalucian banking sector

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The recent waves of bank closures in Andalucia got me thinking about the state of the banking sector in the region. Under Manuel Chaves during the boom years, the Junta did all it could to allow the rapid growth of credit institutions in the region. In 2006 the region could boast of being the home of : 5 savings banks (cajas de ahorros) (Unicaja, Cajasol, Cajasur, CajaGranada & Caja de Jaén) 1 bank (Banco de Continue reading The state of the Andalucian banking sector→