It was born as a strategic alliance in 2018, but it has died this summer under the accelerated reorganization that the German is deploying Karl-Heinz Holland, The new CEO. Dia and Caixabank they have prematurely terminated the alliance that they started in the consumer finance subsidiary Finandia just 18 months ago. Now the supermarket group will take over 100% of its financial control after leaving the bank, as ‘The Information’ has learned.
Official sources of Dia and Caixabank responded that the rupture of the financial alliance has taken place "mutual agreement" between both parties In February 2018, the bank bought 50% of Finandia in February 2018 from the supermarket chain while it was still managed by Ricardo Currás and chaired by Ana Maria Llopis. The amount of the operation was not disclosed and both partners have also declined to comment on the numbers of the ‘joint venture’, both in terms of investment and business.
In light of Dia's evolution over the past year, the incorporation of Caixabank has not yielded the expected results and, finally, Fridman's men have liquidated the commercial relationship with the bank headed by Gonzalo Gortázar. The Caixabank's exit from Finandia has been made through a reduction in capital amounting to 3.5 million euros. Dia will keep 100% of the financial after cutting the nominal value of the shares in half, from 1 to 0.5 euros, although the company maintains the same number of titles.
It is a kind of corporate operation aims to return the contribution of the partners and reassess the company in case there is a deterioration of the business, according to financial sources. Like its parent and other subsidiaries, Finandia recorded losses throughout 2018 amounting to 375,000 euros. The volume of credits originating from 2018 to date, as well as the financial credit balance of the financial institution, will be under the control of Dia, which in turn is controlled by 70% by the Russian capital holding company Letterone.
Finandia It has a financial establishment license from the Bank of Spain to carry out its activity. Its main business objective was the creation of a credit card, which is linked to the Club Dia program. The Dia's financial began in 1998 as a customer loyalty program although it was not established as an independent entity until 2002. The supermarket chain was then part of the French group Carrefour, which completed its exit from the shareholding in 2011 with the OPV of Dia.
As the chain and the bank explained in 2018, the objective of this alliance was to advance in “a complete offer of consumer financing that includes both debit payment, end-of-month payment, 'revolving' or deferred payment, as well as customer loans and insurance linked to the card. ” The entry of Caixabank in the shareholders of the financial of Dia was articulated as a common project similar to the one carried out years ago by Santander Bank or El Corte Inglés Financial. In this case, the bank took control (51%) after paying 140 million euros to the group of department stores and kept four of the seven seats of the council for the need to sell that ECI had then.