He Original BBVA Plan was buying and absorbing Sabadell To get the best revenues to the transaction. When he launched the OPA, he estimated at 850 million euros the savings synergies with integration, with 3.5% increases in the benefit per action (BPA) after consummating the union and with a return for investment (ROIC) near 20% for the shareholders of the Basque.
Today the Basque Group still maintains that the merger scenario remains the ultimate goalalthough in the updated information sent to the US market of markets (SEC) admits the Probability of maintaining autonomous Sabadell if you get, as you pursue, buy a control participation.
The scenario has changed since it formulated the OPA in May last year and, in addition to an adaptation to the context, keep Sabadell independent It could be the letter to play for BBVA to placate government reluctanceopposite from the beginning to the transaction.
Vallesan maintenance would avoid the difficult mission of suppressing the Headquarters, just reinstated in Sabadell since he migrated her to Alicante in 2007 in the middle of the risk of secession that originated the Proces. His transfer to Bilbao, where BBVA lies, I would raise injuries in Cataloniathe Great Electoral Caladero of Pedro Sánchez, when the return has been explained as a recognition of the normalization of the situation in Catalonia under the government of Salvador Illa.
If Sabadell conserves as an autonomous bank, BBVA would save about 150 million of the imposite, since consolidating it involves taxing 7% of maximum rate set by the new tribute design for revenues from 5,000 million -Sabadell stayed last year to the edge of that amount. It has, however, a High toll in capital, given that will raise from 30 to 62 basic points consumption in the CET1 ratioas the Basque entity has recognized.
Of course, in the long term, the option of maintaining the Autonomous Bank implies the risk that the strong impulse or current dynamism in their activity is not maintained and that Sabadell is languishing.
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