Rarely a bank is clearly pronounced on its intentions to merge with other entities. They usually throw balls out not to give clues of their intentions, even more so if they are quoted. It is not the case of Sabadell, who in the middle of BBVA … has transmitted in public that they are “Open” to explore corporate operations If they manage to fail the assault of the Basques. A sample to the market that they have a vocation to grow not only organically but adding forces with others, yes, in a friendly way. To do this, even some contacts have already been established.
The first message was released on Friday when the CEO, César González-Buenoin an interview on Catalan television TV3 declared that entering mergers “is an option that always exists.” The door had remained closed all this time and the first executive of the entity began to open it.
Two days later, this Sunday, Sabadell surprised with a battery of interviews of the president Josep Oliu In Catalan media. It is not usual to produce in public since so far the weight of torpedoing the BBVA OPA had fallen to the CEO. And Oliu’s words, despite being non -executive, are the ones that really move the Board of Directors as the Bank’s historical head. An example of this was the return of the headquarters to Catalonia in January, advanced by ABC, which was an operation designed and decided by OLIU himself, which gave it all practically done to the Council.
The president of Sabadell has been clear in any of those interviews on the course they could take if they are able to reject the BBVA. «We want to be a business bank throughout Spain and incorporate other banks in different regions of Spain is part of our project. We are open; Regional banks are very solvent, but at some point they can think that the project has a greater entity and we would be willing to think about it, ”he said in the newspaper ‘Ara’.
A very similar message transmitted in ‘The newspaper’: «If the OPA does not come out, we will continue with our project to have a business model capable of growing alone and serving customers. At the same time, yes, we can consider in an absolutely friendly way how we can add to our project other projects that can be compatible with ours ». Asked about contacts with entities, Oliu said he had conversations with “all.”
That “all” does not imply either Santander or CaixaBank, by size, or Bankinter, who never enters operations. It is referring to Spanish financial entities of medium -sized and that are strong in certain territories of the country. In this way, the pools point to Unicaja, Abanca, Ibercaja and Cajamar.
It would not be immediate but to advance on that way before the topic of the OPA should be resolved, which is what occupies much of the day to day in the dome. They are focused on betting on a future without BBVA and the stage of the mergers would come into play later. OLIU himself has pointed out that if they derail the operation of the Basques, they would take some time to consolidate their solo project and then they could already enter corporate operations with that medium banking.
One of the banks to which Sabadell has approached refused to initiate conversations for governance reasons
In this sense, for several quarters it has been linked to Sabadell with Unicaja and financial sources point out that OLIU He maintained contacts with the dome of the Andalusian Bankbut before the OPA and when the latter seemed to stagger something more for governance matters. That ended nothing, but that option could be stored in the bedroom. Other entities that come out in the pools are Abanca, Ibercaja and Cajamar. Models of making banking quite different from each other and each in a geographical area of Spain (Galicia, Aragon and the Levante, respectively), but all of them names that come out in the pools.
Market sources confirm that Sabadell has approached a medium bank to establish conversations for a possible fusion, but they have been given a ‘no’ by response due to governance issues, that is, of the entity’s management model.
In any case, the intentions of the Catalans, which by business are not only Catalans but nationally, are to continue growing. In the entity they have the conviction of their business model and their ability to grow organically throughout Spain. But they are also aware that they are stronger in some regions (Catalonia, Valencian Community) than in others, hence they wish to gain weight in other autonomous communities.
Sabadell’s strategy is now fully conditioned by the BBVA OPA. A hostile operation launched in early 2024 after the Basques presented a friendly offer to the Catalans Council a few days before and that it rejected flat.
The process is being very long due to the analysis of the National Markets and Competition Commission (CNMC)after what will have the power to intervene the government. The Oliu Bank points to before July as the moment when its shareholders would have to decide. In Sabadell they are able to frustrate the OPA while in BBVA they have full confidence in their success and in making the absorption “as soon as possible.” The truth is that now the premium is negative and institutional investors have not yet shown their letters, something that is not expected to do until the time of the acceptance period.
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