Banco Sabadell warns investors of loss of business and commercial alliances due to BBVA takeover bid

Banco Sabadell will trigger BBVA takeover bid “multiple uncertainties” and irreparable losses of “qualified personnel”, “professional opportunities” and “strategic agreements”. This was revealed to the National Securities Market Commission (CNMV) in a report entitled “Universal Registration Document”, which lists all the disadvantages of the operation, which it considers “harmful” to the interests of the company and its subjects. shareholders.

In its 954 pages, the bank warns of numerous problems that the merger could cause. The first is that the structure, chaired by Josep Oliu, will have to abandon the “strategic millionaire agreements” that were signed with various partners“, in the financial sector and business, life and general insurance, asset management and institutional depository, which will entail extraordinary expenses very high and bears “all costs that may arise for Banco de Sabadell as a result of the termination of these agreements.” For example, if you put ending insurance banking alliances with Zurich and asset management with Amundi, among other thingsCompensation amounts for these companies will amount to multi-million dollar amounts, which should come from the 1.450 million that BBVA has reserved for restructuring costs, although it may not be enough.

In the same sense, the document questions “the possible loss of business opportunities due to the restrictions on the actions of the administrative and management bodies of Banco de Sabadell during the upcoming takeover bid and others.” potential adverse impact on the development of the Group’s business” derived from the operation itself. And as an example, he cites the upcoming closing of the sale of 80% of his payment platform. Paycomet in Nexy in the second quarter of the year, which will remain uncertain.

In the document, Sabadell also criticizes temporary process proposed by BBVA to carry out the merger of both companies, which understands that “it is not possible to predict the duration of the regulatory review process and CNMV approval of the takeover proposal”, since although BBVA estimated it to be “6 to 8 months”, it insists that “it is impossible to foresee the outcome of this proposal » during the period to be accepted by Sabadell shareholders. They also claim loss of qualified personnelwho “would prefer to seek better professional opportunities” given the risk that a takeover would go through and his position would not be secure.

Moreover, they are unaware of the costs that dismantling of the Alicante headquarters and the transfer to the dual operational headquarters in Madrid and Sant Cugat del Vallès (Barcelona), as well as the future of the employees who work there, denouncing the risk that the loss of their jobs would entail.

The Minister of Economy himself Carlos Bodieadmitted yesterday that he is so worried “harmful consequences” of a takeover bid such as “excessive banking concentration” that the operation could entail starting, although he reiterated that he would wait for the opinion of the CNMV and the National Markets and Competition Commission (CNMC) to decide on this matter. If the merger goes through, Body said the ministry “would not have a decision-making body on the takeover bid as it depends on both commissions” but it stressed that the executive would have the “final say” on whether to allow the merger. final absorption.

Even PP leader Alberto Núñez Feijão was very reticent about the BBVA takeover proposal, as he believes that if a banking institution is successful, profitable and its solvency is not in question, “you must have very good reasons.” ” to resolve this.