Juanjo Llopis: "We have demonstrated that Caja Ingenieros can grow without acquisitions, partner by partner."
Managing Director of Caja Ingenieros


BarcelonaJuanjo Llopis (Valencia, 1973) has completed his first hundred days as CEO of Caixa Ingenieros. A defender of the cooperative banking model he leads, he argues that the bank has the capacity to grow without having to make purchases, member by member, with a network of physical branches combined with a strong digital commitment.
What was the first thing you did as CEO on January 2nd?
— The first is to set priorities. We're in the midst of a current strategic plan, which is a clear and defined guideline for action. I did want to prioritize and accelerate the objectives we've outlined in the Transforma 2026 strategic plan. These objectives were defined as strengthening talent, efficiency, and digitalization. The other task has been to make myself known.
But you are not new to the house.
— Indeed, last month I celebrated eight years at the organization, but not everyone knew me. I also wanted to give a more relatable and human character to the role of CEO.
After two years of record results, what should we expect in 2025?
— I would like to express my satisfaction, along with that of my management team, with the 2024 results. Financially, with a net profit of 24 million euros, a 22% increase, but above all, and what we are most satisfied with, is the recognition of our partners. We have achieved a historic satisfaction index of 8.64, 1.40 points above the industry average; and a recommendation rate of over 50%, which has translated into the largest gap in the sector, which stands at minus 13.7. We are starting from an enviable position.
What can be expected for 2025?
— It's true that this was a year we already considered could bring disruptive scenarios. We must wait and take measures calmly and thoughtfully. Interest rates will fall, and in the financial sphere, it will be a more complicated year. We will see a reduction in net interest income, but at the same time, opportunities may also arise in volumes or credit operations. We are confident of continuing double-digit growth, as in 2024. Solvency will remain above 18%, approximately 18.3%; return on equity, ROE, above 9%, approximately 9.3%; and we will be able to increase business volume by €1 billion.
Until now, its growth has always been organic. Is there a possibility of inorganic growth in an entity like cooperative banking, that is, the possibility of purchasing?
— Our strategic plan and 2025 business plan don't foresee this. This year, we will celebrate our 58th anniversary, and indeed, our growth has been organic, partner by partner, and sustained in different scenarios. The resilience of an entity like Caixa Ingenieros has been demonstrated by its cooperative values and DNA. And we have the data. If we go back to 2008—the first year of the Lehman Brothers bankruptcy, and the beginning of the most recent financial crisis, to which we must also add a period of absolutely disruptive and unthinkable negative interest rates, and other scenarios like a pandemic, quite complex management scenarios—Caixa Enginy. And the workforce has also increased by 150%, to 568; we have tripled the number of offices and now have 33; and business volume has also grown by 150%, in a sector where it has shrunk by 40%. More than 40 institutions have disappeared, more than 26,000 branches have closed, and employment in the financial sector has been reduced by more than 40%. The facts demonstrate that we are capable of growing organically and within our means, and therefore, we do not plan to make any purchases in our short-term plans.
Are you hoping to gain partners?
— In 2024, we grew by 3,000 net members, bucking the trend of a year in which we had experienced a slight decline. We aim to close the Transforma 2026 strategic plan at 230,000. Currently, we have over 216,000 members, so we're short of around 14,000. This year, we plan to add 7,500. Growth is based on these cooperative financial foundations, which are solid and solvent, and on the recommendation rates we have from members, which we want to translate into effective recommendations and the incorporation of new members. The cooperative model itself must drive this growth.
And what other elements help increase membership?
— Mobile banking, a public-private partnership we entered into thanks to a competition from the Generalitat (Catalan Government) that we ultimately won. We provide the service to more than 300 municipalities with a population of over 237,000. This began in September on the Girona route and in November and December in the regions of Penedès, Tarragonès, and Central Catalonia. We trust this will positively contribute to membership growth. Another area of focus is our strong commitment to in-person operations with 33 branches, which we want to strengthen with a network of financial agents and advisory firm advisors who share our values.
And how many can there be?
— At least one per office. Right now, we're aiming to have 20 to 25 this year and to complete the entire branch network by 2026, thus increasing from 33 to 40.
Caixa Ingenieros is somewhat at odds with the rest of the sector, for example in terms of offices or...
— Yes, this year we can already confirm the opening of three new branches. We already have our own offices in Manresa, Vilanova, and Vic, and we opened them in this first quarter. We have a team that is constantly exploring needs and opportunities that may arise in this area, and if circumstances permit, we are ready to expand one or two more branches this year, and from there until the end of the Transforma plan. Currently, we aspire to cover and reach the figures achieved by cooperative banking at the European level. In Europe, it represents approximately 23% of the business and in Spain, only 10%. There is a way forward. This is a space that has been orphaned with the disappearance of savings banks, and we, with this social model of commitment to members and the region, aspire to fill it.
Does Caja Ingenieros expect to gain anything from BBVA's takeover bid for Sabadell?
— We have a defined plan, which is clear and based on the social foundation, satisfaction, and recommendations of our members.
What has mobile banking meant for more than 300 municipalities?
— It has been a very successful initiative on the part of the Generalitat (Catalan Government). Internally, Caixa Ingenieros has posed a significant operational and logistical challenge. There are 100 municipalities per route, and we have had more than 1,000 ATM withdrawals, more than 800 visits to the mobile branch, and we have reached more than 150 members. The response has been satisfactory in operational terms. And, what's more, it's growing. It's a business that will grow. We have also measured the satisfaction and recommendation rates for this service, and we find the satisfaction rate is 9.54 and the recommendation rate is above 85%.
In terms of staff, what evolution do you expect?
— We will continue to grow. We have a personal banking growth model that requires us to continue increasing our workforce. This year we closed with 568 employees, compared to 533 last year. Therefore, we continue to grow. We want to further expand our customer service. The goal is to reach 35 or 38 branches and a workforce of approximately 610 people by 2026.
And in terms of digital, what is left for them to do?
— This year we have two major digitalization projects. One in the area of the financial health of our members, which will be integrated into the space My financesIt's a personal finance manager that will make savings recommendations and recommend debt limits for good financial health... And the other project is what we call Connecta, which is a communication system through the bank's apps, mobile banking, and online banking that allows interaction between our members and their managers, directors, to quickly resolve queries and carry out small, secure, and direct tasks, which we believe will help improve operations and efficiency. Thus, we combine two of the basic pillars: digitalization and efficiency. We will launch these two major projects in the second quarter.