BBVA and Sabadell select 15 key investment bankers for takeover bid

Working hours at the company’s Madrid offices have increased sharply in recent weeks. JPMorgan, Goldman Sachs, Rothschild, Mediobanca, Morgan Stanley and UBS. These are the six investment banks that won the financial sector award of the year.Spanish finance: BBVA takeover bid for Sabadell.

Both banks left nothing random in their choice. In some cases, they turned to historical consultants they had trusted for years; In other cases, knowledge of the industry or its financial analysis department is advantageous. But the general point is that the bet was not on the name or size of the investment bank, but on the specific people behind it.

According to various financial sources, 15 of them are decisive. Ignatius Gorny This is one of them. He is the President and CEO of the company J.P. Morgan in Spain and Portugal. He is part of the team of four banks contracted by BBVA and his relationship with the client goes back years.

Supports

De la Colina is not alone. One of JPMorgan’s most important assets to the financial sector is its banking specialist. Is Carlos Pertejo and he was one of the chief signatories of the Wall Street giant’s first national chief when he took office.

From the Hill he went to look for him Goldman Sachs so that he can return to the place that was his home when he entered investment banking, and from which he left to accept the destiny that is now key. Pertecho worked for four years at BBVA as director of financial management and investor relations.

Both De la Colina and Pertecho know the bank very well., their culture and their way of doing things. As well as the Spanish financial sector, profile of investors and competitors. BBVA President Carlos Torres approached them about the sale of the US retail business and initial merger talks with Sabadell in 2020. Now they are repeating themselves.

On the opposite side is another Wall Street giant. Goldman Sachs He is an advisor to Sabadell and is also repeating the alliance attempt three and a half years ago.

His new mandate has nothing to do with loyalty. Sabadell called Goldman Sachs again and asked for the person who runs the bank in Spain, financial sources said. Is Olaf Diaz-Pintado, who ranks among the influential partners of Wall Street greats, but is known for his personal involvement and absolute dedication to the operations he advises. He also worked as a banker specifically for financial institutions for many years.

His abilities attracted attention Sabadell President Josep Oliuin 2020 and now he has not hesitated to reach out again.

Will work with Morgan Stanley, another investment bank hired by Sabadell. Many continue to knock on the door because they believe that the takeover defense requires controlling multiple flanks and that there is still room for additional mandates, but the organization appears determined to have only two advisers.

Morgan Stanley is here because of its manager in Spain. Andres Estebanand also one of his bankers, Eduardo Timpanarowith extensive experience in large corporate transactions.

To this must be added one of the greatest treasures of the American band. Near Alvaro Serranoresponsible for European banking analysis, and is considered one of the best on the Old Continent.

Serrano knows the financial statements, strengths and weaknesses of every bank in Europe very well. because he studied them to compile his reports and refine his buying or selling recommendations. Nothing escapes him in the world of investors, in whose hands the fate of Sabadell lies.

Advisory Quartet

BBVA aims to counteract this knowledge with a team that has just launched its fourth investment bank. Mediobanca will join forces with JPMorgan, UBS and Rothschild.

The Italian company arrived last because it has several properties that fit perfectly into BBVA’s offer. From the hands of the general director Alberto Nagel, Mediobank has accumulated successful experience advising banking operations in Europe and Spain, where he was a member of the Unicaja and Liberbank.

But it also specializes in the most complex transactions, and it is to its credit that it was the sole bank advisor to the only hostile takeover attempt in this sector in Europe in 20 years: what does Intesa have on UBI.

In addition to Nagel, two Spaniards and an Italian played a decisive role in his recruitment. Francisco Bashiller He is the head of Mediobanca’s investment banking division and his knowledge of financial institutions spans decades.

Everything will pass through your hands, but first of all through your hands Gonzalo de PalacioCo-Head of Financial Institutions at Mediobanca, one of the leading experts in the European investment banking sector.

The last bullet Andrea Filtrirenowned analyst of the European banking sector and co-head of the Mediobanca analytical group.

The Italian bank will work with YBSwhich is repeated after the first attempt to merge with Sabadell thanks to its manager in Spain, Juan Montewho has a good relationship with Carlos Torres and is known throughout the sector as a consultant in mergers and acquisitions.

YBS has always specialized in financial institutions rather than industrial corporations, and this experience is now an advantage. But this adds to it Javier OficialdeguiWith extensive banking experience, he is Spanish and currently heads UBS as co-head of the Swiss group’s global banking division and holds a position in the executive management.

Rothschild He was the second to last person to join the defense of BBVA’s hostile takeover. Torres turned to an organization that he trusts and which is very close to him thanks to its three specialists.

The first is Iñigo Pañeda, head of the Rothschilds in Spain. It also weighs Juan GeachThe history of investment banking that now sits within the group’s structure is even further removed from everyday life, but more than seasoned in similar battles.

Rothschild He has another ace up his sleeve that justifies his signing. Is Jacobo Gomez, your banking expert. The three played a critical role in BBVA’s decision to expand its advisory team when the takeover bid was hostile.