Banco Sabadell reminds shareholders of its plan to distribute 2.4 billion.

VALENCIA (EP). President of Banco Sabadell, Josep Oliureminded shareholders of the intention to reward them for their actions this year and next in a letter sent to them to inform them of the takeover bid (takeover bid) announced by BBVA.

“The board of directors has committed to pay the shareholder compensation in the amount of 2.4 billion euros for 2024 and 2025, equivalent to 45 euro cents per share,” recalls Oliu.

In addition, the president of the organization of Catalan origin recalled that the bank’s profit increased from two million euros in 2020 to 1.332 million in 2023. This was reflected in the share price, which increased from €0.35 as at 31 December 2020. 1.91 euros on May 24, when BBVA submitted a request to the CNMV to authorize the takeover bid.

“The Board of Banco Sabadell expects the company’s profitability to continue to grow. In the first quarter of 2024, ROTE was already 12.2%, higher than ROTE in 2023 and in line with FY 2024 estimates. The board expects ROTE to be even higher than in 2024,” insists Oliu.

The president of the structure indicated that shareholders do not need to do anything regarding the timing at the moment, since the process could last until the end of the year and even the beginning of next year.

Only when the takeover begins will the council have to issue a public and detailed recommendation on the proposal. And in this case, shareholders will have to make their decision.

“I want to re-emphasize our utmost commitment to creating value for our shareholders, serving our customers and job security,” Oliu insisted.

In any case, the president of the financial institution indicated that the law imposes a “duty of passivity” on the board of directors. Thus, the letter simply informs the bank’s shareholders of the existence of the takeover proposal and the reasons that prompted the board of directors to reject the previous proposal formulated by BBVA.