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CaixaBank vs BBVA

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 CaixaBank
Spain		 BBVA
Spain
IRB approachF-IRBF-IRB
Cost-to-income39.4%38.2%
Effective tax rate28.0%34.0%
Avg corporate PD3.10%1.76%
Avg LGD unsecured38.4%38.3%
Avg LGD secured23.0%23.0%
Funding spread (bp)15bp18bp
Corporate EADEUR 104bnEUR 157bn

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 CaixaBank BBVA
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)7.01%6.20%
Min spread for 12% RAROC263bp294bp
This is just one sample deal.

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FAQ: CaixaBank vs BBVA

Which bank is cheaper on corporate credit: CaixaBank or BBVA?
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 CaixaBank and BBVA compare on corporate PD?
CaixaBank reports an EAD-weighted corporate PD of 3.10%, while BBVA reports 1.76%. The gap reflects differences in obligor mix and geography rather than underwriting quality.
How do the two banks differ on IRB approach?
CaixaBank uses F-IRB and BBVA 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.