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Major Spanish bank opens Toronto outpost as trade ties deepen

Major Spanish bank opens Toronto outpost as trade ties deepen

One of the biggest banks in Spain has opened an outpost on Bay Street.

CaixaBank SA announced Thursday that the new representative office in Toronto, its first in both Canada and the city, will offer support and advisory services in trade and corporate banking. It also makes CaixaBank the sole Spanish bank with a physical presence in Canada, the lender said in a press release.

The office will cater to Spanish companies doing business in Canada and Canadian companies doing business in Spain, as the lender said it aims to “consolidate its position as a benchmark bank in Canada for companies operating in the two countries.”

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CaixaBank touts itself as Spain’s leading retail bank, with approximately 15.7 million customers and 388 billion euros in assets, according to its most recent financial results. Its biggest shareholder is a holding company entirely owned by the “la Caixa” Banking Foundation, which holds a 40 per cent stake in CaixaBank.