Caixa Catalunya's fixed term deposit sales, including its structured deposit range, are up 10% so far in 2009 on the same period last year. Fixed term deposits have raised €1.5bn from retail clients versus a 1.3% (€4bn) industry-wide reduction in deposit sales during the same period.
Caixa Catalunya said the growth is in line with its strategy of capturing new clients and new sources of funding; the savings bank began to focus on retail product innovation in the second half of 2008.
SRP data suggests that €600m of Caixa Catalunya's €1.5bn deposit sales was destined for structured deposits, including Depósito 80% Eurostoxx, Depósito Triple Ocasión Combinado, Depósito Triple Ocasión Combinado II, Depósito Siempre Disponible Creciente and Depósito 3x5. In 2008, Caixa Catalunya launched 11 structured deposits, for which it raised an estimated €543.3m.
Caixa Catalunya's latest structured deposit has raised almost €100m in two weeks. Depósito Garantizado 12% Escalada is a capital-guaranteed altiplano product linked to a basket of international stocks. Forty percent of initial capital is placed in an income account paying 3.5% AER after six months. The remainder is placed in a growth account paying 12%, 9%, 6% and 3%, respectively, for each year in which the underlying basket is at or above 120%, 110%, 100% or 90% of its initial level. Otherwise, the product repays capital.
Depósito Garantizado 12% Escalada is open until 16 November. Minimum investment is €1,000.
This product is available now in Recent Additions (Spain).