Alphavalue/ Divacons | The Catalan lender has received binding offers from France’s Worldline and Italy’s NEXI for its payment business which it put up for sale in September. The offers are between 300 and 350 million euros, with that from Worldline (part of our model portfolio) seeming to be the highest. Sabadell is said to be looking for 400 million euros.
Renta 4 | Banco Sabadell (SAB) has announced it is in the process of analysing a possible strategic agreement with an industrial partner, specialising in the payments business. According to Reuters, citing three sources speaking on condition of anonymity, the Spanish lender has received indicative bids from France’s Worldline, Italy’s Nexi and US firm Fiserv for its payments arm. The deal is valued at up to 400 million euros, the…
As reported today by Europa Press, Bank of America Corporation has unveiled a 6.3% stake in Banco Sabadell. This makes it the largest significant shareholder of the bank, ahead of BlackRock and David Martinez, according to National Securities Market Commission (CNMV) records. Specifically, Bank of America has notified its control of 6.323% of the bank’s shares, both through voting rights, with 1.681%, and financial instruments, with 4.642%. This movement took…
“Shareholders and proxy advisors are being very critical of directors’ pay and board composition, as evidenced in voting.” explains Nancy Hameni (Head of Proxy & M&A at Cmi2i) to Fernando Rodriguez. Q- What do you think is most remarkable so far in the 2022 Spanish AGM season ?A- Halfway through the 2022 AGM season, we are seeing executive compensation and board elections as the most prominent trends within the IBEX-35….
Banco Sabadell has proposed a redundancy plan for 1,900 employees to the trade unions, which could mean the closure of between 230 and 300 branches. It should help the bank to improve its low profitability, ROE, of 3.1% on equity, far from the cost of capital (which can be up to three times higher). It is also way off the profitability obtained by its Spanish competitors (Santander and BBVA have…
Banco Sabadell has been left hanging after the announcement of the merger between Bankia and CaixaBank. For months there had been talk of a combination of Sabadell and Bankia as the most promising concentration operation in the sector. Now, however, this possibility has vanished and the Catalan bank would be assessing different options to protect its interests.
This long term and strategic partnership includes the acquisition by Amundi of 100% of Sabadell Asset Management, which has €21.8bn of assets under management, of which €16.1bn is in Spanish-domiciled funds. The transaction value, financed via Amundi’s existing cash resources, is €430m.
In its strategic plan for 2018/2020, presented last February, Sabadell set the objective of reducing its exposure to problematic assets to below 9 billion euros. In the end the bank will exceed this target.
Bankinter analysts believe the markets are undervaluing the European Financial Sector. Expect average BPA for the sector as a whole to exceed 10% in 2018.
In a note on regional commercial banks, AlphaValue analysts flag that lenders in southern European countries have been amongst the better performers in terms of share price and P/BV. Spanish bank Sabadell is amongst their top picks.