Unicaja Banco : Interest further increased; Buy AT1 and Tier 2
Our interest in Unicaja Banco (Unicaja) has further increased following the publication in December of its strategic plan 2022-24. The plan is the first one for the ‘new’ Unicaja following its merger with Liberbank effective since 3Q21. In this report we look at the plan, its credit implications and its impact on our credit opinion and market recommendations. - >Well-articulated and strategically relevant plan - Unicaja’s strategic plan is well-articulated, strategic...Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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