BBVA

Spanish economy 12th November 2024

BBVA’s takeover bid limits Banco Sabadell’s potential until outcome known

Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…

In Europe 24th October 2024

BBVA: 580,000 customers in Italy in retail segment after entering market in 2021, closing in on 600,000 target by end 2024

Link Securities | The Spanish bank has already attracted 580,000 customers in Italy in the three years it has been operating in the country’s retail segment, on its way to achieving the target of 600,000 customers it had set itself for the whole of 2024, Expansión newspaper reported yesterday. The bank arrived in Italy in 2021 with a digital model and a five-year growth plan that set a target of…

Relevant News Item 17th October 2024

BBVA to have to sell part or all of Sabadell stake if takeover bid succeeds but CNMC does not authorise merger

Link Securities | BBVA (BBVA) will have to sell part or all of its stake in Banco Sabadell (SAB) if the takeover bid succeeds but the National Markets and Competition Commission (CNMC) decides not to authorise the merger and its ruling is known after the end of the acceptance period, according to the updated prospectus for the deal submitted on Tuesday to the US regulator SEC, reports Expansión on Thursday….

Spanish economy 14th October 2024

BBVA approves pre-financing of €1.5 billion in convertible bonds and brings forward issuance to arrive at takeover bid with liquidity

Link Securities | BBVA’s Board of Directors has approved the pre-financing of €1.5 billion in convertible bonds (CoCos), bringing forward the 2025 issues to reach the key moment of the takeover bid for Sabadell with sufficient liquidity, according to the newspaper Expansión. The newspaper points out that BBVA has already covered all of this year’s issues, but that when the takeover bid becomes effective, the bank will enter a blackout…

In Spain 8th October 2024

BBVA CEO insists offer is solid, backs Sabadell’s value; Sabadell CEO says valuation insufficient

Link Securities | The CEO of BBVA (BBVA), Onur Genç, said that the merger between the bank and Banco Sabadell (SAB) ‘is a textbook operation, ideal for everyone’, according to the Bolsamanía portal. Genç explained that the strong correlation between the share prices of the two banks reflects that the offer is solid and supports the value of Sabadell. He said this during his participation in the 15th Financial Forum…

In Europe 8th October 2024

Turkish government mandates BBVA to lead historic dollar refinancing operation

Link Securities | The Turkish government has chosen BBVA and JPMorgan to lead a refinancing operation of the country’s historic debt, Expansión reports today. Turkey has decided to take advantage of the increased appetite for Turkish debt shown by large international investors to shore up its finances with a buyback transaction and new bond issuance registered with the US SEC. BBVA has launched an offensive to strengthen its investment banking…

Spanish economy 4th October 2024

“We do think Sabadell shareholders value having part of the proposed compensation paid in cash, as protection in the face of potential volatility in BBVA’s share price”

Jefferies | BBVA’s Adjusted Offer to Sabadell: Cash Component Was a Given. The adjusted offer made by BBVA to SAB, including the newly added cash component, comes as no surprise, as it is well in line with the adjustment terms described in the initial offer. We note a delay in the timeline of the deal would mechanically increase the cash proportion of the offer, which would have to reflect all…

In Spain 4th October 2024

Banco Sabadell claims that BBVA has worsened the conditions of its takeover bid after making adjustments to the share exchange

On Tuesday, October 1, BBVA announced a change in the share exchange it was offering for Sabadell in the takeover bid it has proposed to acquire the Catalan entity: it changed from offering one new BBVA share for 4.83 Sabadell shares to offering one share of the bank for 5.0196 shares of the Catalan bank and a cash payment of 0.29 euros per share. According to BBVA, this change aligns…

In Spain 1st October 2024

UBS, advisor to BBVA, announces during takeover bid that it holds more than 3% of Sabadell

UBS, which is acting as an advisor to BBVA in the takeover bid for Banco Sabadell, has declared to the National Securities Market Commission (CNMV) that it holds a 3.15% stake in the capital, mostly through various financial instruments. However, according to the newspaper La Información, this seems to be just the tip of the iceberg. UBS is reportedly in a position to add more than 7% of Sabadell’s shares…

In the World 30th September 2024

BBVA to invest $200m in KKR’s global climate strategy

Link Securities | BBVA (BBVA) and KKR have formed a strategic alliance to support the decarbonisation of the economy, according to the Bolsamanía portal. BBVA will invest $200m in KKR’s global climate strategy, which invests on a large scale in solutions that drive the transition to a low-carbon economy. The strategic alliance aims to identify new investment opportunities related to climate infrastructure, especially those that support energy transition and electrification….

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