Renta 4 | In line with information in the press and without any official figures on the transaction, Sabadell would have put an end to the alliance with Indra and NTT Data, who own 20% of if its back office subsidiary (BSOS).
This move would be in response to the change in the bank’s strategy and the reduction in the workforce at BSOS after the voluntary departure programme in 2020.
The Spanish lender will liquidate BSOS and will subrogate to the contract for the supply of services which BSOS had with NTT Data and Indra. The conditions of this contract were modified, with the duration extended and a minimum commitment established in terms of global revenues.
Valuation: We do not expect any impact on the share price against a backdrop where the bank is continuing with its strategy for restructuring and optimising business areas.
As we do not know how much Sabadell will pay for 20% of BSOS (we believe it will not be a significant amount), the operation should not have an important impact on the balance sheet as the contract will remain in force. Target price 1,28 euros/share.