Oliu and Gonzalez-Bueno support Sabadell’s team in the face of BBVA’s hostile takeover: “We are going to do everything we can”
Banco Sabadell President and CEO Josep Oliu and Cesar Gonzalez-Bueno returned today to send a message to employees after BBVA sent a takeover brochure to the National Securities Market Commission (CNMV), which was deployed against the Catalan entity. .
“This will be a long process that will follow a series of very complex permits that will take several months.. In the meantime, we are going to do our best,” Gonzalez-Bueno said in a video accessed by Europa Press.
“Nothing new. Let me insist that this is a hostile takeover.That is, this was neither agreed upon nor requested by the bank’s board,” Oliu said.
As after the board of directors rejected the merger proposal that BBVA announced on May 1, Oliu, along with Sabadell CEO Cesar Gonzalez-Bueno, sent a letter video for employees recalling the reasons why the board of directors made this decision: “(The Board of Directors) is convinced that the Banco Sabadell project itself will bring great benefits to its shareholders, clients, staff and society as a whole.”
Moreover, he recalled the bank’s intention to distribute 2.4 billion euros at the end of 2024 and 2025payment “backed by a business plan.”
“We have kept you informed throughout the entire process. In fact, I asked Cesar very often to tell you how the bank was doing,” Oliu said earlier. reaffirm your confidence in the work of the bank’s employees. “Let me once again express my confidence in your abilities, in your commitment to further enhance the excellent performance of the bank in recent years,” he added.
He also recalled that The bank’s valuation has increased fivefold since 2020 and from the beginning of this year to April 29, before BBVA submitted its merger proposal, Sabadell’s share price rose 60%.
“There is nothing new. Nothing is written. We are Banco Sabadell, We are a great project of the future for our clients and employeesWith. I want to hug all the people who are in the bank and encourage them to continue this project with all the strength it deserves,” he said.
For his part, Gonzalez-Bueno declared his 100% confidence in the Sabadell team to further enhance the excellent results. “2023 was our best year on record and the first quarter of 2024 was impressive in terms of business activity and financial results,” he commented.
“We will work, if possible, with more passion and dedication than ever to make the coming quarters even better. This will be a long process that will follow a series of very complex approvals that will take several months. In the meantime, we’re going to give it our all. Our job is to deliver, deliver, deliver.”completed.