Sabadell Bank

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Banco Sabadell reports €791 million profit at mid-year, up 40%

Link Securities | SAB increased its net interest income by 9.8% (+8.8% year-on-year at constant rates; +1.1%; FactSet consensus) between January and June, compared to 1H2023, to €2,493 million, mainly due to higher credit yields and revenues from the fixed-income portfolio supported by higher interest rates, offsetting higher cost of funds and capital markets and lower average volumes. – SAB also reduced its net fees and commissions by 3.3% year-on-year…

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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…

Banco Sabadell and Amundi sign alliance to boost fund business in Spain

Banco Sabadell restructures TSB’s costs in midst of BBVA’s takeover bid, branch closures and lay-offs to come

Alphavalue / Divacons | The Catalan financial institution is restructuring TSB’s costs in the midst of BBVA’s takeover bid. The bank began adjustments in the subsidiary in 4Q23 and now plans to close 36 branches and lay off 250 employees. The takeover bid will not force Sabadell to stop restructuring costs. Sabadell’s management team expects TSB to start to “give joy” from 2025. González- Bueno predicts a “transitional” 2024 for…

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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…

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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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BBVA’s Sabadell takeover bid admitted for processing: CNMC authorisation could be toughest stage

Norbolsa | The National Securities Market Commission (CNMV) admitted BBVA’s (BBVA) bid for Banco Sabadell (SAB) for processing on Tuesday. The takeover bid launched by the group was presented on 24 May. The regulator clarifies that it is only conditional on the ECB, which could lead it to make a decision before having the conditions of the National Markets and Competition Commission (CNMC). In this respect, the competition authorisation seems…

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BlackRock takes 6.27% of Banco Sabadell’s capital to become largest shareholder

Bankinter | BlackRock reaches 6.27% of the capital (as against the 3.92% it held previously) and becomes the main shareholder of the bank. Analysis: The increase in BlackRock’s stake comes in the middle of BBVA’s takeover bid for Sabadell, so will BBVA improve the exchange ratio and/or make a cash payment? It is also explained by technical factors. BlackRock is a global manager with a firm commitment to passive management…

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Merger with BBVA has “more pros than cons” for Sabadell’s long-term credit ratings, says DBRS

Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…

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Cost of insuring Sabadell’s debt (104 bp) is double that of BBVA (42 bp)

Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…

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BBVA reiterates it will not improve offer for Banco Sabadell, believes government will eventually appreciate strength of deal

Alphavalue / Divacons | BBVA CEO Onur Genç has repeated in an interview with Expansión newspaper that they will not improve the offer for Banco Sabadell. Mr Genç hopes that the government will eventually appreciate the strength of the deal. The CEO explains that the decision has not been easy for the bank, but defends that it is a “transformative” transaction for BBVA Spain and “extremely favourable for Sabadell shareholders”….