Spanish's KutxaBank, the new bank created by the merger of Kutxa, BBK and Caja Vital Kutxa, has launched its first structured fund in the Spanish market.
The fund is marketed under the same structure across the newly-created bank, but with different marketing names and ISIN codes reflecting the various historic distribution channels of the merged entity. This differs from previous bank mergers in Spain, where the newly-created bank has tended to issue one product using the same name and same ISIN code across all its old networks at the same time.
The first of the three variants of the fund has been issued by the asset manager BBK Gestión, part of KutxaBank group. It is marketed as KutxaBank Garantizado IV within the old BBK network, and is a rollover of Garantizado Bolsa 3, a capital-guaranteed fund marketed by BBK in July 2009 which raised €25.22m at the time.
The second variant is KutxaBank Garantizado V issued by the asset manager Kutxagest, and is not a rollover for a previous product but is available within the old Kutxa network.
Finally, Kutxabank Garantizado VI is a rollover for Dinero Activo III, a capital-guaranteed fund marketed by Caja Vital Kutxa in May 2010 which raised €37.22m at the time. The asset manager for this product is Vitalgestión and it is available within the old Caja Vital Kutxa network.
KutxaBank Garantizado IV, V and VI will be marketed until 3 July. It is not known at this stage when KutxaBank will switch to a single common issue with the same name across its three networks.