Davis Polk advised Banca Cívica, S.A. on its €599.8 million Rule 144A/Regulation S initial public offering of its ordinary shares. Credit Suisse acted as the global coordinator and also as a joint bookrunner of the offering alongside Morgan Stanley. This is the second initial public offering to be conducted by former Spanish savings banks, or cajas.

Banca Cívica is the result of the recent integration of four previously independent cajas: Caja Navarra, Cajasol, Caja Canarias and Caja de Burgos. Banca Cívica engages principally in retail deposit taking and mortgage lending with a focus on Spanish households and non-financial companies, in particular small and medium enterprises, and is one of the top 10 financial institutions in Spain in terms of total assets. 

The Davis Polk corporate team included partner Michael J. Willisch and associate David J. Zelkind. Partner John D. Paton and associate Sarah Joy provided tax advice. Associate Catherine L. Martin provided 1940 Act advice. Loana Martin was the legal assistant on the transaction. Members of the Davis Polk team are based in the Madrid, London and New York offices.