“We are in our best moment and we will focus on organic growth”
BBVA leaves behind the defeat in the Takeover bid for Banco Sabadell and opens a new stage focused on organic growth. “We have turned the page on this chapter. BBVA is at its best and we don’t want distractions“, assured the CEO of the entity, Onur Genç. During the presentation of the quarterly results, in which it has reached almost 8,000 million in profit, the manager stressed that the bank is moving forward and is focused on meeting the financial objectives planned for 2025-2028.
In any case, Genç has ruled out any threat of resignation due to the low level of acceptance of the operation, which barely exceeded 25%. “Our future did not depend at all on the takeover bid,” he said, pointing out that it was a “lost opportunity” for both BBVA and Banco Sabadell shareholders. In this context, Genç wanted to make it clear that they maintain their commitment to distribute excess capital, materialized through the repurchase of shares worth 993 million that they will resume tomorrow.
However, the group remains silent about the appeal presented to the Supreme Court for the Government’s actions in the takeover bid and which it accepted for processing. In this sense, it is unknown if they have withdrawn it. “We do not comment on legal issues,” he said. On the other hand, he has spoken out about the need to review the regulations. “There are many voices calling for this reform,” he indicated in reference to the Bank of Spain (BdE) and other organizations such as the National Securities Market Commission (CNMV). “An analysis would be justified,” he stressed.
