Sabadell Bank

Spanish economy 13th November 2024

Competition Commission further complicates BBVA’s Sabadell takeover bid, extends it until summer 2025

The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…

In Europe 11th October 2024

FCA fines TSB, Sabadell’s British subsidiary, for unfair treatment of customers with problems

The Financial Conduct Authority (FCA) has fined TSB, the British subsidiary of Banco Sabadell, £10.91 million (around €13.04 million) for “unfair” treatment of customers struggling to meet their loans, primarily mortgages. According to the FCA, TSB Bank “failed to ensure that customers in arrears were treated fairly.” “It also lacked the proper controls and systems to ensure good outcomes,” it adds. The issues occurred between June 2014 and March 2020….

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…

Spanish economy 23rd July 2024

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…

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…

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

Relevant News Item 4th July 2024

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…

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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