Fundación Bancaria Caixa d’Estalvis i Pensions de Barcelona, ”la Caixa”, is the result of transforming ”la Caixa” into a banking foundation in June 2014, in compliance with the Savings Banks and Banking Foundations Law of 27 December 2013.
La Caja de Pensiones para la Vejez y de Ahorros de Cataluña y Baleares, ”la Caixa”, was founded on April 5, 1904 by the Catalan lawyer Francesc Moragas Barret with the support of various Catalan civil institutions. It was created with the aim of encouraging savings and retirement planning, objectives which today might appear to be merely financial but were, in that historical context, clearly intended to help the working poor to achieve a measure of financial independence and security.
On April 16, 1904, King Alfonso XIII officially inaugurated the Caja de Pensiones para la Vejez at the Beaux Arts Palace in Barcelona, the setting for many of the city's most solemn events. At the inauguration, the monarch was named Honorary President and protector of the new entity.
Moragas, the first managing director of ”la Caixa”, had an idea: to create a private institution which, in those socially turbulent times, could offer workers and business leaders an instrument to provide retirement and disability insurance. At about the same time Moragas and his associates included savings instruments as well. Thus was born ”la Caixa”, an entity with a new economic and social concept of savings and the first to provide social insurance.
Francesc Moragas promoted an ambitious, professional concept of management which was very different from the predominant model in other savings banks at the time. He offered diversified savings products and created branches in Catalonia's main towns and cities, introducing modern financial management. The territorial expansion of ”la Caixa” continued apace in Catalonia and the Balearic islands with the aim of spreading the advantages of modern finance. In this sense, it should be noted that ”la Caixa” was a Spanish pioneer in social assistance, one of the basic pillars of the current social security system.