Sabadell Bank

Sabadell

Banco Sabadell to establish HQ in Catalonia once again

Amid the BBVA’s takeover bid for Banco Sabadell, the bank has decided to leave its current headquarters in Alicante—where it moved on October 5, 2017, at the beginning of the Catalan independence process—to return to Catalonia, to Sabadell. This decision is pending ratification by the Board of Directors. According to analysts, returning to Catalonia will allow Banco Sabadell to gather political and social support to hinder the ‘assault’ by the…


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Andrea Orcel’s Bicycle and the BBVA-Sabadell Confusion

Aurelio Medel (5 Días) | The head of Unicredit accelerates acquisitions to maintain profit growth and attempt to lead European consolidation. Andrea Orcel took over Unicredit with the stock below 10 euros and has driven it above 40. However, shares of the second Italian bank began to show signs of fatigue in the summer, and not only because it has already quadrupled its value. It is also due to the…


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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…


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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….


Sabadell sells toxic assets

“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…


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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…


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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…


banco sabadell josep oliu

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…