Banco Sabadell announced its move to Catalonia in the middle of a takeover process that was launched by BBVA. The bank will return to the autonomous community after seven years.The bank’s board will “promptly” debate the hostile takeover launched by Bbva. Regulators and supervisors have not yet given their approval good for transaction, but Spain’s financial system is waiting for integration.
Bbva’s chief executive, Carlos Torres Vila, assured that Sabadell’s transfer does not change the takeover bid. Ensures that the transaction is a reflection of the “commitment to our country, to SMEs and to greater value for shareholders.”
“Carlos Torres Vila is a manager experienced on a thousand fronts. But now he faces what is undoubtedly his greatest personal and professional challenge. Carry out the public purchase offer (OPA) that Bbva has proposed.”says Expansión.
During an interview in Davos, the manager said that the operation is important for the entity, the banking sector and that it will even have an impact on the Spanish economy. “The financial sector has experienced a profound transformation due to digitalization, as it has completely changed the way customers interact with banks,” he said.
He added that in 2017, only 7% of new customers arrived through digital channels. Today, after seven years, the figure has grown to 67%.
“The size of the banks is key to facing these challenges. Technological investments have high fixed costs that can be diluted more efficiently the larger the customer base,” he said. One of the purposes of the takeover bid is to expand the customer base in an important European market, which is, according to Torres Vila, “highly attractive.”
