SECTOR BANCARIO ESPAÑA: SENTENCIA TARJETAS REVOLVING (ANÃLISIS BANCO SABADELL)
Sentencia del Tribunal Supremo por tarjetas RevolvingEn la sentencia sobre tarjetas revolving el TS ha fallado que todo tipo de interés>20% es usurero, implicando la devolución de todos los intereses cobrados. A pesar de tratarse de una sentencia negativa y que sienta jurisprudencia la primera lectura que hacemos es positiva, dado que descarta el escenario más pesimista de referenciar el umbral de usura al tipo de los préstamos de consumo tradicionales (8%/9%). Los impactos son difÃcil de calcular dado que desconocemos el porcentaje de crédito dispuesto de cada entidad con un tipo de interés>20% y el tipo medio aplicado. En nuestro escenario central asumimos que tan sólo un 30% superan la usura, con un tipo medio del 25% BS(e) (basándonos en el 26,82% TAE de la Sentencia de hoy y que la nueva producción podrÃa estar en referencias del 24%). Consideramos una elevada posibilidad de devoluciones (70%) dada la probabilidad de fallo en contra de la banca en caso de demandas. Nuestras hipótesis implican impactos contenidos de -1,5% y -2% en la capitalización de CABK y BKT, los bancos más expuestos (irrelevante en el resto). Ambos cayeron ayer un c.-5% desde que se conoció la sentencia, y el castigo implicarÃa que todo el crédito dispuesto estaba por encima de usura, por lo que deberÃan rebotar en el corto plazo.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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.
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