Josep Oliu: “Banco Sabadell creates great value for its shareholders as one”
ALICANTE. President of Banco Sabadell, Josep Oliudeclared this Thursday at a meeting in front of more than 300 shareholders of the enterprise that the bank’s project itself creates great value for all its shareholders, as evidenced by the evolution of the share, which led to an improvement in the target price by analysts, and to become the European bank with the highest revaluation of its securities this year.
The president of the structure indicated this during his speech together with the general director of Banco Sabadell Cesar Gonzalez-Buenoat a meeting held at the bank’s corporate center in Sant Cugat.
Top managers of the enterprise expressed confidence that in the future they will achieve profitability level is higher than currentwhich will lead to an increase in the value of the share. In this sense, Oliu emphasized that profitability (RoTE) is expected to continue to grow above the 13.1% recorded at the end of the first half of the year and that in 2025 it will remain above this figure.
In this sense, Josep Oliu also assessed that the management team has repeatedly exceeded its goals and that the current year “started off very positively” in matters of financial activity.
For his part, CEO César González-Bueno emphasized that Banco Sabadell “is an attractive project with a future that It has not yet reached its peak. Our strategy since 2021 has changed the bank and its results: we have maximum profit” and “a strong capital position,” he noted.
For this reason, the CEO emphasized that Banco Sabadell’s profitability is “sustainable” over time, continues to grow and has not yet “reached its ceiling”, meaning that “our commitment to rewarding shareholders is firm.”
Obligations to the shareholder
During a meeting with shareholders, President Josep Oliu said that “the Board of Directors rejected the proposal BBVA’s previous merger proposal, given that it significantly undervalued the Banco Sabadell project. and prospects for its growth as an independent entity.”
Both the president and CEO said in response to shareholder questions that the terms of BBVA’s offer have not changed during this time.
The company’s directors explained that, in accordance with its remuneration policy, the bank would pay over the next 18 months an amount equivalent to approximately 30% of its market value. Based on this, they will receive €2,900 million allocated to 2024 and 2025 results, representing 53 cents per share.
“Shareholders of Banco Sabadell They will receive regular and sustainable long-term compensation as part of the bank’s solo project.with excellent prospects for continued profitability, a clearly defined strategy and minimal exposure to high volatility markets,” said Gonzalez-Bueno.
Hostile takeover extends deadlines
Regarding the timing of the operation and due to its hostile nature, which has no precedent in Spain in the last 20 years, Oliu said that the process will be long and could last until the middle of next 2025.
The President of Banco Sabadell explained that previous experience with operations of this type suggests that It would be normal if the CNMV statement came after the CNMC statement. so that shareholders have all the information on the table. Josep Oliu stated in this sense that “many months of uncertainty await us and the timing and decisions regarding competition will be very relevant.”
At this stage, both Oliu and Gonzalez-Bueno demanded that the proposal include all information, and for this, BBVA must clarify certain scope and consequences, as well as must present different resulting scenariosincluding a scenario of costs and synergies if the merger does not go through. In addition, they reminded shareholders that they do not need to make any decision yet and that once the board of directors of Banco Sabadell has analyzed all the details and published a report, shareholders will decide whether to sell their shares or not.