BBVA

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….

Relevant News Item 18th September 2024

BBVA’s takeover bid for Banco Sabadell “has derailed” and “makes no sense”, says Catalan bank’s CEO

Alphavalue / Divacons | The CEO of the Catalan bank, César González-Bueno, said yesterday that BBVA’s takeover bid for the bank “has derailed” and “makes no sense”. At the VII Foro de Banca (Banking Forum) organised by El Economista, he declared that the chances of the merger are “very low” and that he sees no justification for the operation. However, he acknowledged that it is possible that the National Markets…

European economy 9th September 2024

ECB approves BBVA’s takeover bid for Sabadell and passes buck to CNMV

Norbolsa | The ECB will not oppose Sabadell’s takeover bid, its analysis being on the solvency of both entities (without entering into competition). The ball is now in the court of the National Securities Market Commission (CNMV), which has 20 days to authorise the operation; this decision could come before the authorisation by the National Markets and Competition Commission (CNMC), which would delay the operation further, implying the entry of…

European economy 4th September 2024

BBVA gets go-ahead from UK regulators for indirect acquisition of TSB

Norbolsa | The British prudential regulator has authorised BBVA to take indirect control of TSB (Sabadell’s UK subsidiary). This authorisation is one of the conditions to which the takeover bid is subject, as it required 50.1% of Sabadell’s share capital, the approval of the National Markets and Competition Commission (CNMC), and finally this authorisation from the UK Prudential Regulation. On the other hand, yesterday, the Minister of Economy, Carlos Cuerpo,…

Spanish economy 2nd September 2024

Bank of Spain gives approval to BBVA’s takeover bid for Sabadell, which BBVA accuses in SEC of “hindering” operation

The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…

Companies, Ibex 22nd August 2024

BBVA places €1 billion in new twelve-year Tier 2 subordinated debt issue with seven-year redemption option

Link Securities | BBVA (BBVA) placed on Wednesday €1 billion in a new twelve-year Tier 2 subordinated debt issue with a seven-year redemption option, according to Bolsamanía.com. The price was set at mid swap + 200 basis points, lower than the starting price (mid swap + 225 basis points). BBVA points out in its press release that the market response has been significant, with demand exceeding €3 billion at times,…

Companies, Ibex, Relevant News Item 13th August 2024

BBVA acknowledges that not completing merger with Sabadell would jeopardise €850m cost savings target

Link Securities | BBVA (BBVA) has acknowledged to the National Securities Market Commission (CNMV) that if it successfully carries out the takeover bid for Banco Sabadell (SAB), but cannot complete the merger, it would find it difficult to meet its target cost savings of €850 million over three years, as reported yesterday by the digital portal Invertia.com. In any case, it believes that in this scenario it could materialise “most…

Relevant News Item 1st August 2024

BBVA earns €4.994 billion in 1H24, up 28.8% year-on-year, thanks to recurring revenues from banking business

Link Securities | The bank yesterday presented its results for the first half of the year (1H2024), of which we highlight the following aspects: BBVA’s net interest income at 30-Jun-2024 was higher than in the same period of the previous year (+13.9% year-on-year; +20.3% year-on-year) to €12,993 million (+0.1% at constant rates; +0.1% FactSet consensus), with growth in all business areas except Turkey, as a result of the dynamism of…

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