Goirigolzarri: “Banking industry must improve its reputation by listening to and acting upon what society is calling for”

• 'We must make it clear that the financial system is key to society's future and has to be profitable because it must provide excellent service to consumers'
• 'Continuously being suspicious about the financial system could result in decisions being taken across the board, from a regulatory to a political level, which are not the best for society as a whole'
• During the first five months of the year, Bankia lent SMEs 2.7 billion euros to finance over 7,200 projects in the autonomous communities of Madrid and Castile-León

One of the biggest challenges facing the Spanish financial system is to enhance its image and reputation: a task that it must tackled 'by listening to and acting upon what society is asking from us for and explaining what we do and why,' Bankia Chairman, José Ignacio Goirigolzarri, stated today.

Goirigolzarri was speaking at the Second Guadarrama Forum: Castile-León-Madrid Business Summit organised by the publication, Castilla y León Económica, primarily to boost trade between businesses in the two regions.

'It is clear that society is extremely disappointed with how the financial system performed during the crisis' and it is especially for this reason that 'it must make think ahead'. 'We must make society realise that a robust financial system is necessary to ensure the Spanish economy grows sustainably,' he said. 'People mustn't think banks shouldn't make money.'

'Banking must turn a profit because banks that are not profitable or do not earn enough to attract capital are a drag on society,' because 'continuously being suspicious about the financial system could result in decisions being taken across the board, from a regulatory to a political level, which are not the best for people,' and because 'it must provide excellent service to consumers,' Goirigolzarri argued.

'We must make it clear that the financial system is key to society's future,' he concluded. 'I deeply believe in this model and in this future, and I also think we aren't far from achieving it now.'

During his speech, Goirigolzarri highlighted Bankia's role in boosting trade between businesses in the autonomous communities of Castile-León and Madrid. 'This effort to build bridges is part of our tradition, our DNA,' and also 'ties in with our current position as 130,000 businesses in the two regions have placed their trust in us'.

He revealed that 'during the first five months of the year, Bankia lent SMEs 2.7 billion euros to finance over 7,200 projects in these autonomous communities'.

Bankia is here 'to listen to and serve the business community, helping them identify opportunities in both communities,' Goirigolzarri said, for whom 'the productive economies in both communities share clear synergies'.