The technological integration of Bankia in CaixaBank is going to generate some inconvenience for investors in the banking group’s funds. Specifically, CaixaBank Asset Management will suspend for two weeks (from November 1 to 14) the transfers to almost 70 investment funds “due to the insurmountable needs of technological integration of the systems of Bankia, SA in the systems of CaixaBank, SA and CaixaBank Asset Management SGIIC”.
According to the National Securities Market Commission (CNMV), the supervisory body has authorized the bank to temporarily suspend subscriptions and refunds implicit in transfers in which these several dozen funds are involved, including those aimed at private banking, indexed, fixed income, stock, sustainable, profiled and also guaranteed. Consult the list of affected funds here.
Among others, there are funds as famous as CaixaBank Bankia Megatendencias, CaixaBank Fonduxo, CaixaBank Gestión de Autor, CaixaBank Soy Así Cauto or CaixaBank Small & Mid Caps España.
However, the entity ensures that “Customer service will be strengthened adequately reporting the situation at all times and indicating, where appropriate, that, even if your transfer request cannot be met at that time, they can always request a subscription or cash backgiven that these suspensions do not affect the requests for subscription or redemption in cash in the indicated funds, which will be processed normally.
The proposed scheme
For transfers between the affected funds, implicit subscriptions and redemptions are suspended from November 5 at 3:00 p.m. until November 14 at 24 hours, Therefore, no transfers can be made between these dates.
In the case of transfers that imply entry into affected funds, coming from other funds marketed or not by CaixaBank, the subscription in the destination fund implicit in the transfer is suspended from November 1 at midnight until November 14 at 24 hours, so no entry transfers can be made between those dates.
Lastly, in the case of transfers that imply an exit of the affected funds, with entry to other funds that may or may not be marketed by CaixaBank, two situations occur. If the destination is a fund marketed by CaixaBank, the break will be from November 1 at midnight until November 14 at midnight, but if the destination is a fund that is not marketed by CaixaBank, the break will be from November 4 at 3:00 p.m. until November 14 at 12:00 p.m.