Spain's Novacaixagalicia, the result of the merger between Galician saving banks Caixa Galicia and Caixanova, which was finalised on 1 December, is aiming to raise €60m for its first structured deposit.
Depósito Pipa - Personas Inteligentes que Piensan en sus Ahorros or "intelligent people think of their savings" - is a three-year growth and income structure linked to the performance of a basket comprising Telefónica, Iberdrola, Inditex and Gas Natural.
The product has an 80/20 format and pays a fixed 5% coupon after six months on 80% of invested capital. The remaining 20% is placed in an account paying 12%, 7.5% or 4% growth at maturity if the shares in the underlying basket are at or above 120%, 110% or 100% of their initial levels, respectively. Capital is guaranteed.
A source at the bank said the product has been available since 7 December at any of the 1,000 Novacaixagalicia branches in Spain. It will remain open until 31 January. Minimum investment is €3,000.
This product is available in Recent Additions (Spain).