“We are happy with our shareholding structure”

Banco Sabadell rules out arming itself with a hard core of shareholders to serve as a shield against future hostile operations. “We are happy with our shareholding structure,” said the CEO of the entity, César González-Bueno. During the presentation of the quarterly results, the group’s chief executive appealed to the 30% of investors who are clients of the bank and the 10% of retail investors who voted against BBVA’s takeover bid. “Count on a larger hard core “That is complicated and we refer to the facts,” he stressed, after ensuring that they have “made it their goal to maintain the ties, which have been strengthened” in recent months.

This issue, together with the continuity of David Martínez, the third largest shareholder with 3.8% of the capital, as a proprietary director after publicly supporting said operation, are one of the issues that have raised the most doubts after the hostile operation has not gone ahead. In this sense, González-Bueno has limited himself to commenting that despite differences of opinion still count with a seat on the board of directors and that it is a decision that depends on him.

The bank has confirmed the “closing of the chapter” after the failure of the offer, which barely amounted to 25% of the support, and ratifies the objectives established in its 2025-2027 strategic plan. The CEO has been convinced that there will be no mergers, at least in the short term, because everything the world is “satisfied” with its strategy and its territorial influence. “There is no appetite for them to happen,” citing some potential mergers such as Unicaja-Kutxabank.

Among the issues pending closure is the sale of its British subsidiary, TSB, to Banco Santander for 3,400 million eurosa figure that includes all the benefits expected until March 2026, when the transfer will materialize. As part of this agreement, it will reward shareholders with an extraordinary payment of 0.5 euros per share, equivalent to a disbursement of 2.5 billion payable the last day of the month following said closing. “Banco Santander has more capacity to take TSB to the next level,” he pointed out to assert that Sabadell is not contemplating entry into any other market.

About the negotiations with the Italian Nexi for an agreement that includes the sale of 80% of your payments business, PaycometGonzález-Bueno has pointed out that the circumstances have changed with respect to 2023 – when they began to sign the agreement – and that they are now starting to talk with a “blank sheet.” The negotiations were in the absence of authorization when the OPA blew up the plans.