Cajamar faces €2.77 million fine amid expansion into France and Portugal

Spain’s central bank has imposed a €2.77 million sanction on the Banco de Crédito Social Cooperativo (BCC), the flagship bank of the Cajamar cooperative group, for breaches of remuneration‑policy rules. The penalty also targets BCC’s chief executive Manuel Yebra and several board members for failing to properly record variable compensation for senior staff.

The fine comes as Cajamar expands internationally, announcing a strategic partnership with France’s Crédit Agricole, which will acquire a 9.9 % stake in BCC. Simultaneously, the group is exploring entry into the Portuguese market through a possible alliance or acquisition of Banco CTT. While the regulator said the violations were serious, it did not deem them extraordinary nor threatening to the group’s solvency. The sanctions aim to enforce compliance with compensation‑governance standards as the bank seeks to bolster its European presence.