Investments with “criterion”
When the company that manages La Caixa's holdings was renamed Criteria in 2007, it was in reference to the Greek term "kriterion," which means "to act with reflection and good judgment." The bank, then still a savings bank, explained at the time that it chose the name Criteria (previously known as Caixaholding) to reflect the caution and thoughtfulness it applies to its investment decisions. It was at this time that Francisco Reynés was appointed CEO, replacing Marcelino Armenter, who would return to Criteria years later.
The same goes for Reynés, who returns after leaving the management of Abertis in 2009. He will take over the executive vice presidency with headquarters in Barcelona, where he always was. He will not have lived through the seven years of forced exile in Palma de Mallorca. Criteria, chaired by Isidro Fainé, returned its headquarters to Catalonia last March. The company that groups the shares of the La Caixa Foundation is the largest private investor in Spain.
His portfolio includes some of the major industrial investments Reynés encountered when he first moved into the smaller of the two towers owned by the La Caixa group on Barcelona's Avinguda Diagonal in 2007: Gas Natural (now Naturgy) and Telefónica. Repsol, Abertis, Agbar, Port Aventura, and Boursorama are not included. All of these investments were valued at €25.6 billion.
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CaixaBank, the crown jewel, was not part of that group. In fact, the financial institution (then a savings bank) owned Criteria. Today, after a complex reallocation process, Criteria controls 31% of the bank.
The value of all investments is €30.4 billion. A large portion of these new acquisitions that Reynés will face compared to his previous tenure have been executed by the previous team led by the outgoing Ángel Simón: ACS, Puig, Interparking (pending execution), and Colonial. There are still some transactions, such as Celsa, where it is far from clear whether the acquisition will be executed. Initially, sources at Criteria stated that the strategic plan designed by Simón remains in place in the new era that begins with Reynés at the helm.
The executive will also face another change. The company is not listed on the stock exchange. As the company recalled yesterday in the brief press release announcing his appointment, it was he who piloted its market launch. Years later, in a complex transaction, Criteria delisted from the stock market and CaixaBank took its place on the stock market.
Read also The portfolio is valued at more than 30 billion euros and contributes 430 million euros to the Foundation.Throughout these years, the holding company underwent a transformation under the leadership of Gonzalo Gortázar (current CEO of CaixaBank) and Marcelino Armenter. Simón replaced Armenter and transformed the company. In that year (2024), when Simón took the reins, the value of the holding's investments in La Caixa Foundation holding companies grew by 14.5%, thanks not only to stock market appreciation but also to new acquisitions. The holding company is organized into four major portfolios: strategic, diversification, private equity, and real estate. The company's net profit increased by 30% to €1.061 billion in 2024.
Thanks to these profits, Criteria contributed a total of €430 million to its sole shareholder, the Foundation, an 8% increase. These dividends, which go to the Foundation, allow it to have its largest budget in its history, €655 million, for social work. All thanks to the "criterion" applied to its investments.
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