La Caixa, the unlisted Barcelona-based savings bank that has the biggest domestic retail network in Spain, will move its banking operations into a listed company as part of a plan to strengthen its capital base and continue growing.

The new bank will have a book value of €20.6bn ($28.2bn) and be about the 10th biggest bank in the eurozone, behind France’s Crédit Agricole, when the operation is completed in July, the bank said.