BBVA

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…

European economy 26th July 2024

ECB assures its opinion on BBVA’s takeover bid for Banco Sabadell will not be delayed for too long

Link Securities | In an interview with Europa Press, the Vice-President of the European Central Bank (ECB), Luis de Guindos, said yesterday that the institution’s opinion on BBVA’s takeover bid for Banco Sabadell (SAB) will not be delayed for long. BBVA requested authorisation from the ECB to launch the takeover bid on 4 June and this is one of the necessary steps for the National Securities Market Commission (CNMV) to…

Relevant News Item 23rd July 2024

BBVA chooses Telefónica Tech to boost cybersecurity of global operations

Link Securities | BBVA (BBVA) has chosen Telefónica Tech (Telefónica (TEF)) to boost the cybersecurity of its operations on a global scale with the incorporation of the most advanced technologies in artificial intelligence and process automation for the prevention of cyber threats, according to the digital portal Bolsamania.com. In addition, this alliance involves the creation of a new specialised centre in Mexico, which will function as a mirror of BBVA’s…

Spanish economy 8th July 2024

BBVA to issue up to 1,126 million new shares to Banco Sabadell shareholders who accept offer of one BBVA share for every 4.83 Sabadell shares

Link Securities | The digital portal Bolsamania.com reported on Friday that 96% of BBVA shareholders gave their approval to the capital increase required for the takeover bid for Banco Sabadell at the Extraordinary General Meeting held on Friday. The quorum at the meeting was 70.75% and the shareholders gave “their firm support to the capital increase necessary to extend our offer to SAB shareholders”, said the chairman of the Basque…

Spanish economy 5th July 2024

BBVA holds an Extraordinary General Shareholders’ Meeting today to approve the bid for Banco Sabadell

BBVA is holding an Extraordinary General Shareholders’ Meeting today at the Palacio Euskalduna in Bilbao, at which it is expected to approve the takeover bid (hostile takeover bid) for Banco Sabadell, and the capital increase -of 20%- necessary to make the bid, at a ratio of one new BBVA share for every 4.83 Banco Sabadell shares. At the time the offer was made public, this offer represented a premium of…

Spanish economy 21st June 2024

Judge calls for BBVA and former chairman to stand trial for hiring police commissioner to spy on rivals

The National Court judge Manuel García Castellón has proposed to put BBVA and its former president Francisco González on trial for bribery crimes in degree of continuity, in addition to disclosure of secrets, for hiring the police commissioner José Manuel Villarejo to carry out various illegal assignments between 2004 and 2016. In an order of 268 pages, the head of the Central Court of Instruction Number 6 concludes the investigation…

European economy 20th June 2024

BBVA to launch digital bank in Germany in 2025 after positive experience in Italy

Alphavalue / Divacons | BBVA will launch its digital bank in Germany in 2025. This was announced by the bank’s country manager in Spain, Peio Belausteguigoitia, during the Summer Courses of the Association of Economic Information Journalists (APIE), held at the Menéndez Pelayo International University (UIMP) in Santander. On the other hand, Belausteguigoitia ruled out the possibility of his institution going after another entity if the takeover bid it has…

Spanish economy 20th June 2024

CNMC warns government may impose new requirements that comply with law in third phase of analysis of BBVA-Sabadell takeover bid

Norbolsa | The National Markets and Competition Commission (CNMC) warned that the government may impose new requirements that comply with the rules in the third phase of the analysis of the takeover bid. In addition, the chairwoman, Cani Fernández, denied having suffered political pressure in the first weeks of the operation. She was also asked about the SME segment, and the chairwoman recalled that in the Bankia-CaixaBank merger this exposure…

Spanish economy 18th June 2024

ISS proxy recommends BBVA’s international funds vote in favour of capital increase required for Sabadell takeover bid

Norbolsa | Proxy ISS has recommended that large international funds to vote in favour of the capital increase that will be needed to execute the transaction. These investors include Black Rock with 5.91%, Capital Group with 5.02%, Varguard 4.95%, Norges 3.13%, JP Morgan 1.42% and Goldman Sachs with 1.35%. The meeting will be held on 5 July and will decide on the issue of 1.13 billion shares. ISS believes the…

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