Banco Sabadell plans to return its headquarters to Catalonia in the middle of the BBVA takeover bid and when almost seven years have passed since October 5, 2017 when it moved it to Alicante to ensure that it continues under the regulatory and supervisory umbrella of the Central Bank in the middle of the process. European Union (ECB) in case of secession.
The entity chaired by Josep Oliu The headquarters will return to San Cugat del Vallés (Barcelona)with Salvador Illa in the Generalitat, who has lowered the pro-independence tone, and in the midst of a takeover bid for BBVA, as announced ABC. The bank declined to comment.
The bank plans call an extraordinary council in the next few hours to take the measure, at the end of which the transfer of the corporate headquarters will be launched.
It is the first large company to reverse the business exodus caused by the ‘procés’. Sabadell was, in fact, the first large company to leave Catalonia after the referendum of October 1, 2017 and in the midst of the strong hemorrhage of deposits that Catalan banks suffered due to the uncertainties surrounding the process.
In Sabadell, a flight of 4.6 billion euros was estimated from restless clients who moved their savings to other communities, but The Bank of Spain estimated the savings that left Catalonia at 31.4 billion between October and December of that 2017 due to the doubts raised by political and social instability. Altogether it was estimated that more than 8,700 companies from different sectors left the autonomous community.
The entity then chose Alicante to relocate to the headquarters of the former Mediterranean Savings Bank (CAM), acquired in 2012 by the bank in the auction process organized by the Fund for Orderly Bank Restructuring (Frob).
The situation in Catalonia is far from that panorama. Its movement occurs after the victory of Salvador Illa (PSC), who has lowered the pro-independence tone from the Generalitat and encourages the return of companies.
But the movement takes on special significance because it takes place in half of the hostile takeover launched by BBVA. Sabadell’s board of directors rejected its offer in May of last year, judging that it undervalued the entity and had greater potential than estimated by the Basque group alone.
The transaction is currently pending the opinion of the National Markets and Competition Commission (CNMC), which decided to carry out the study with greater scrutiny (Phase II) to observe credit risks, after the alerts sent to it by business associations. and SMEs. The organism has only admitted the appearance of Banco Sabadell in the processrejecting the request made by more than 70 organizations and associations.
This decision simplifies the process and could allow it to resolve in a month or two. It is not expected to reject the transaction, but BBVA has already warned that it could drop its offer if the conditions set by the CNMC erode the profitability of the transaction.
The Government has opposed the operation since BBVA decided to formulate it and has warned that it will not approve the merger, torpedoing the synergies originally projected by the Basque group. When the CNMC issues its opinion, a consultation process is opened with the Government, which could modulate the conditions set by Competition.
The National Securities Market Commission (CNMV) would then have to approve the offer brochure and, ultimately, it would be Sabadell’s shareholders who would decide whether or not to take part in the takeover bid.
Numerous obstacles
Since BBVA launched its offer, it has encountered various setbacks with the Government’s declared opposition or the CNMC’s decision to open an in-depth study, instead of resolving in Phase I and with conditions as it has done in all bank mergers. previous.
Even the tax approved by the Government for banks that extends the extraordinary tax works against them, since would force you to pay tax at a rate of 7% on Sabadell’s income in the event of a mergerthat is, pay between 150 and 170 additional million to the Treasury. The reason is that it goes from a 4.8% tax on the income generated in the interest margin and commissions to a progressive figure that ranges between 1% for income brackets below 750 million and 7% for those greater than 5,000 million. The Vallesano bank remains below that threshold, but it would force BBVA to pay taxes at the maximum rate of integrating it.
Both entities have accelerated the pace to convince investors of their projects with extraordinary dividends and rising accounts. In the coming days it will release the results corresponding to 2024and Sabadell left the door open to improve its commitment to remunerate the investor with more than 2,900 million in the 2024-2025 biennium.
Oliu transfers his commitment to Valencia to Mazón
The president of the Generalitat Valenciana, Carlos Mazón, was informed this afternoon of the transfer by the president of Banco Sabadell, Josep Oliu, and its CEO, César González Bueno, who gave him the guarantee that The bank’s commitment to the region and its economic fabric “remains intact.”
“The directors of the entity have guaranteed that Neither the office network nor the jobs in the Community are affected at all for this decision”, the Valencian Government pointed out to Eph.
Sources from the Presidency of the Generalitat stated that “the Consell can only respect the decision of the company in the exercise of its freedom to establish its headquarters wherever it considers.” They added that “the absolute priority for the Consell is to guarantee the maintenance of employment and the business of this financial entity” in the Valencian Community, “as well as the flow of credit to consumers, SMEs and industries, and this has been required of the representatives of Banco Sabadell”.
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