Caja de Ahorros del Mediterráneo
Encyclopedia
Caja de Ahorros del Mediterráneo, Caja Mediterráneo, or CAM is a savings bank
in Spain
. CAM is the result of integration at different stages of 29 financial institutions, the oldest of which traces its origins to 1875. As of December 31, 2007, CAM is the 4th largest Spanish savings bank in terms of customer loans and deposits, and the 3rd largest in the market share and the number of offices.
Originating in the provinces of Alicante
and Murcia, the bank currently provides services across Spain through a network of over 1,100 offices and 7,100 employees serving 3,300,000 customers. CAM has been strengthening its presence outside of Spain with offices in Switzerland
, United Kingdom
, Poland
, China
, Morocco
, Mexico
, Cuba
, Dominican Republic
, and an office in Miami.
The activity of CAM is mainly focused on retail banking for individuals and SMEs. Additionally, CAM covers such financial areas as insurance, management of mutual funds and pension funds, asset management, and other banking staff.
Like other Spanish savings banks
, Caja Mediterráneo is a non-profit
social institution. As part of social commitment, CAM developed a program of initiatives in solidarity and social development, environment, culture, and innovation and technological development. According to CAM, more than 5,100,000 people have benefited from its social commitment activities with a budget of 60.1 million euros for 2007.
In 2008, Caja Mediterráneo issued non-voting
public shares traded on Madrid Stock Exchange. CAM is the first Spanish savings bank
to issue public shares. In the initial public offering
(IPO), CAM raised €292 millions, which turned out to be the largest IPO of 2008 on Madrid Stock Exchange.
In turn, the Caja de Ahorros de Alicante y Murcia was formed in 1975 as a merger of the following savings banks:
One year later, in 1976, the Caja de Ahorros de Alicante y Murcia absorbed the Caja de Ahorros de Alhama de Murcia
, which had been founded in 1902.
Further, the Caja de Ahorros Provincial de Alicante y Valencia was created in 1990 by merging
In the 1990s, CAM acquired the subsidiaries in Spain of the Italian bank Intesa Sanpaolo
and the English Abbey National Bank
.
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
in Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
. CAM is the result of integration at different stages of 29 financial institutions, the oldest of which traces its origins to 1875. As of December 31, 2007, CAM is the 4th largest Spanish savings bank in terms of customer loans and deposits, and the 3rd largest in the market share and the number of offices.
Originating in the provinces of Alicante
Alicante (province)
Alicante or Alacant is a province of eastern Spain, in the southern part of the Valencian Community. It is bordered by the provinces of Murcia on the southwest, Albacete on the west, Valencia on the north, and the Mediterranean Sea on the east...
and Murcia, the bank currently provides services across Spain through a network of over 1,100 offices and 7,100 employees serving 3,300,000 customers. CAM has been strengthening its presence outside of Spain with offices in Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Morocco
Morocco
Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
, Dominican Republic
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
, and an office in Miami.
The activity of CAM is mainly focused on retail banking for individuals and SMEs. Additionally, CAM covers such financial areas as insurance, management of mutual funds and pension funds, asset management, and other banking staff.
Like other Spanish savings banks
Savings bank (Spain)
In Spain, a savings bank is a financial institution which specializes in accepting savings deposits and granting loans. Their original aim was to create the habit of thrift amongst the very poor but they have evolved to compete with and rival commercial banks.Their trade association is the Spanish...
, Caja Mediterráneo is a non-profit
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
social institution. As part of social commitment, CAM developed a program of initiatives in solidarity and social development, environment, culture, and innovation and technological development. According to CAM, more than 5,100,000 people have benefited from its social commitment activities with a budget of 60.1 million euros for 2007.
In 2008, Caja Mediterráneo issued non-voting
Non-voting Stock
Non-voting stock is stock that provides the shareholder very little or no vote on corporate matters, such as election of the board of directors or mergers. This type of share is usually implemented for individuals who want to invest in the company’s profitability and success at the expense of...
public shares traded on Madrid Stock Exchange. CAM is the first Spanish savings bank
Savings bank (Spain)
In Spain, a savings bank is a financial institution which specializes in accepting savings deposits and granting loans. Their original aim was to create the habit of thrift amongst the very poor but they have evolved to compete with and rival commercial banks.Their trade association is the Spanish...
to issue public shares. In the initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
(IPO), CAM raised €292 millions, which turned out to be the largest IPO of 2008 on Madrid Stock Exchange.
History
Caja de Ahorros del Mediterráneo adopted its current name in 1988, and has been using the trademark Caja Mediterráneo since 2007. It was previously known as Caja de Ahorros de Alicante y Murcia. The bank absorbed- Caja de Ahorros de Torrent, founded in 1906, in 1988 and
- Caja de Ahorros Provincial de Alicante y Valencia in 1991.
In turn, the Caja de Ahorros de Alicante y Murcia was formed in 1975 as a merger of the following savings banks:
- Monte de Piedad y Caja de Ahorros de AlcoyAlcoyAlcoy may stand for:* Alcoy, Spain , a municipality in the province of Alicante, Spain* Alcoy, Cebu, province of Cebu, Philippines....
, founded in 1875 - Caja de Ahorros de Nuestra Señora de los Dolores in CrevillentCrevillentCrevillent is a town and municipality located in the Alicante province, part of the Valencian Community, Spain. It is situated in the comarca of Baix Vinalopó, and lies at the foot of the hill range known locally as Serra de Crevillent...
, founded in 1903 - Caja de Ahorros de NoveldaNoveldaNovelda is a town located in the province of Alicante, Spain. , it has a total population of 27,135 inhabitants.Novelda has important quarries and mines of marble, limestone, silica, clay and gypsum. It is a major centre of the marble industry....
founded in 1903 - Caja de Ahorros de Nuestra Señora de Monserrate in OrihuelaOrihuelaOrihuela is a city and municipality located at the feet of the Sierra de Orihuela mountains in the province of Alicante, Spain. The city of Orihuela had a population of 32,472 inhabitants in the beginning of 2006...
, created in 1906 under the name Caja de Ahorros y Socorros y Monte de Piedad de Nuestra Señora de Monserrate - Caja de Ahorros del Sureste de España, founded in 1940, as a merger of
- Caja de Ahorro y Monte de Piedad de AlicanteAlicanteAlicante or Alacant is a city in Spain, the capital of the province of Alicante and of the comarca of Alacantí, in the south of the Valencian Community. It is also a historic Mediterranean port. The population of the city of Alicante proper was 334,418, estimated , ranking as the second-largest...
, founded in 1877, - Caja de Ahorro y Monte de Piedad de MurciaMurcia-History:It is widely believed that Murcia's name is derived from the Latin words of Myrtea or Murtea, meaning land of Myrtle , although it may also be a derivation of the word Murtia, which would mean Murtius Village...
, founded in 1924 - Caja de Ahorro y Monte de Piedad de CartagenaCartagena, SpainCartagena is a Spanish city and a major naval station located in the Region of Murcia, by the Mediterranean coast, south-eastern Spain. As of January 2011, it has a population of 218,210 inhabitants being the Region’s second largest municipality and the country’s 6th non-Province capital...
, founded in 1921 - Caja de Ahorro y Monte de Piedad de Elche, founded in 1886
- Caja de Ahorro y Monte de Piedad de JumillaJumillaJumilla is a municipality in southeastern Spain. It is located in the province of Murcia, close to the town of Yecla.-Economy:Jumilla is home to the world's largest photovoltaic solar power farm, with an installed peak power capacity of 20 megawatts. The solar farm consists of 120,000 solar...
, founded in 1893 - Caja de Ahorro y Monte de Piedad de YeclaYeclaYecla is a town and municipality in eastern Spain, in the extreme north of the autonomous community of Murcia, located 96 km from the capital of the region, Murcia....
, founded in 1902, and - Caja Rural de Ahorros y Préstamos del Sindicato Católico Agrícola de YeclaYeclaYecla is a town and municipality in eastern Spain, in the extreme north of the autonomous community of Murcia, located 96 km from the capital of the region, Murcia....
, founded in 1921, and - Caja Rural de Ahorros y Préstamos del Sindicato Católico Agrícola de El Progreso founded in 1919 in CaudeteCaudeteCaudete is a municipality in Albacete, Castile-La Mancha, Spain. It has a population of 10.157 and is located at ....
.
- Caja de Ahorro y Monte de Piedad de Alicante
One year later, in 1976, the Caja de Ahorros de Alicante y Murcia absorbed the Caja de Ahorros de Alhama de Murcia
Alhama de Murcia
Alhama de Murcia is a Spanish municipality in the autonomous community of the Region of Murcia.-External links:*...
, which had been founded in 1902.
Further, the Caja de Ahorros Provincial de Alicante y Valencia was created in 1990 by merging
- Caja de Ahorros Provincial de Alicante, founded in 1953, and
- Caja de Ahorros Provincial de Valencia, founded in 1983.
In the 1990s, CAM acquired the subsidiaries in Spain of the Italian bank Intesa Sanpaolo
Intesa Sanpaolo
Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI based in Turin, Italy. It has clear leadership in the Italian market and a minor but growing international presence focused on Central-Eastern Europe, the Middle East and North Africa Intesa Sanpaolo...
and the English Abbey National Bank
Abbey (bank)
Abbey National plc was a UK-based bank and former building society, which latterly traded under the Abbey brand name. It became a wholly owned subsidiary of Grupo Santander of Spain in 2004, and was rebranded as Santander in January 2010, forming Santander UK along with the savings business of the...
.
External links
- Caja Mediterráneo official website (English, Spanish, Valencian)