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‘Unfair’ Spanish Tax to Cost CaixaBank, BBVA About $700 Million

July 29, 2022, 9:29 AM

Two of Spain’s top banks warned a new windfall tax will cost them as much as a combined 700 million euros ($715 million) next year, as lenders assess the impact of a levy aimed at softening the social pain of surging inflation.

CaixaBank SA, the largest domestic bank, expects a hit of 400 million euros to 450 million euros in 2023, Chief Executive Officer Gonzalo Gortazar said in a news conference Friday, while flagging that some “technical details” of the levy still aren’t clear.

Banco Bilbao Vizcaya Argentaria SA, the country’s second-biggest lender by market value, expects ...