On the 5th of April 1904, Francesc Moragas founded the Caja de Pensiones para la Vejez y de Ahorros de Cataluña y Baleares, with the support of various Catalan civil institutions. Thus was born a private institution that, at that time of so much social instability, would become a means of helping the most disadvantaged classes to achieve a certain independence and security in their family life.
Francesc Moragas promoted an ambitious, professional but modern concept of financial management which was very different from the predominant model in other savings banks at the time, making ”la Caixa” Foundation a Spanish pioneer in social assistance, one of the basic pillars of the welfare system.