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Even before regulators and courts forced banks to re-set rates to borrowers, CaixaBank did this voluntarily, saying that the tension the floors had created among customers – mainly those of other savings banks it had acquired in recent years – and the goodwill generated by voluntary removal, was a worthwhile long-term investment in the brand, even at short-term financial cost.
It typifies the kind of thinking still prevalent at a savings bank only just getting used to life as a publicly quoted company answerable to external shareholders, who might prefer a more adversarial stance towards customers.
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