The president of Banco Sabadell, Josep Oliu, confirmed, in an interview with La Vanguardia, the Spanish Government’s interest in preventing the success of BBVA’s hostile takeover bid.
“The only thing that [o Governo] He asked us to perform miracles so that the OPA would not go ahead. We already did it”highlighted while also highlighting the bank’s security in relation to future takeover attempts.
César González-Bueno, executive director of Sabadell, also commented on the topic to the same publication, stating that “we do not need nor run the risk of any other movement, because hostility could only come from one of the big three”.
After the failure of BBVA’s takeover bid, the administrator believes that “a hostile takeover bid by none of them is not possible” and added that, at most, “an alliance” or “an agreement” could emerge, but not a hostile takeover bid.
As for the bank’s next steps, Oliu mentioned that they are “looking for alliances that make sense”, referring to existing collaborations with Amundi and Zurich.
The president of the banking entity also said that “if someone enters the bank’s capital to defend their alliance, I will understand and I think that is good and valid”, noting, however, that “in principle, at this moment, there is nothing” in sight.
Both executives highlighted the bank’s intention to remain independent. Oliu used a metaphor, saying: “We’re not going to knock on anyone’s door the next day because I’m going to be left without a girlfriend. No, no, no. The girlfriend wasn’t liked.”
The president of Sabadell also expressed confidence in the bank’s strength after the attempted takeover bid, stating that it “comes out stronger” and that now focuses on finalizing the sale of TSB to Santander, “a bank that we sold for twice the price for which we bought it”.
González-Bueno also highlighted the solidity of Sabadell’s results, mentioning a 8% growth in the Spanish market year-on-year.
It should be noted that BBVA’s OPA, which was unsuccessful, reached only 25.33% of Sabadell’s share capital, below the 30% limit necessary to proceed with the acquisition, as indicated by the Spanish market regulator (CNMV).