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BBVA vs CaixaBank

Side-by-side credit pricing comparison from Pillar 3 disclosures.

Last updated: March 2026 · Data source: public Pillar 3 disclosures
Verdict:

On a representative BBB+ EUR 25M 5-year term loan, CaixaBank is the cheaper lender by 31bp in minimum spread. For a EUR 25M facility, that's EUR 76,277 per year.

Bank profiles compared

Metric BBVA
Spain		 CaixaBank
Spain
IRB approachF-IRBF-IRB
Cost-to-income38.2%39.4%
Effective tax rate34.0%28.0%
Avg corporate PD1.76%3.10%
Avg LGD unsecured38.3%38.4%
Avg LGD secured23.0%23.0%
Funding spread (bp)18bp15bp
Corporate EADEUR 157bnEUR 104bn

Sample RAROC: BBB+ EUR 25M 5Y term loan

Both banks priced on the exact same deal — 150bp spread, 20bp commitment fee, 60-month maturity. Higher RAROC means the bank earns more from this deal. Lower min-spread means the borrower gets a better rate.

Component BBVA CaixaBank
Annual revenueEUR 385,000EUR 385,000
Operating costEUR 154,000EUR 154,000
Expected lossEUR 28,750EUR 28,750
Capital required (FPE)EUR 2,451,320EUR 2,451,320
RAROC (after tax)6.20%7.01%
Min spread for 12% RAROC294bp263bp
This is just one sample deal.

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FAQ: BBVA vs CaixaBank

Which bank is cheaper on corporate credit: BBVA or CaixaBank?
On a BBB+ EUR 25M 5-year term loan, CaixaBank requires a minimum spread of 263bp to reach a 12% RAROC hurdle, versus 294bp at the other bank — a difference of 31bp on the same deal.
How do BBVA and CaixaBank compare on corporate PD?
BBVA reports an EAD-weighted corporate PD of 1.76%, while CaixaBank reports 3.10%. The gap reflects differences in obligor mix and geography rather than underwriting quality.
How do the two banks differ on IRB approach?
BBVA uses F-IRB and CaixaBank uses F-IRB. The IRB approach determines whether internal LGD models or supervisory LGDs apply, which materially affects capital required on every corporate facility.
What deal is used in this comparison?
A single standardised facility: BBB+ rated, EUR 25M drawn on a EUR 30M commitment, 5-year tenor, 150bp spread, 20bp commitment fee. Both banks are priced on this exact deal using their own disclosed Pillar 3 parameters.