Sabadell minority shareholders urge to ‘resist and not sell’ BBVA

Sabadell minority shareholders urge to ‘resist and not sell’ BBVABloomberg

NEM Sabadell, stable core of minority shareholders Sabadell Bank, urges shareholders to ‘resist and not sell’ takeover bid put forward by BBVA about an entity based in Alicanteand claims to agree with the bank’s management and the President of the Generalitat in their opposition to the takeover.

This group declares that they agree with the arguments presented President of Banco Sabadell, Josep Oliu and the President of the Generalitat of Valencia, Carlos Mason, rejected the operation, which was detailed in several aspects. The bank became a systemic entity after the takeover of the old CAM, is experiencing “one of the best moments in its history and has no problems”, and financial sources understand that the Valencian institution has “very great potential” and can continue to operate alone, according to the arguments put forward HEM Sabadell

this is a statement.

Reasons for competition

The minority group descended from AIVCAM, CAM’s depositors, also cites reasons for competition, personnel, branches and organizational structure, since the bank “will cease to be Valencian and Murcian, headquartered in Alicante, and become entirely Basque, based in Bilbao“.

This also hints at the importance of the social work of the former KAM, now Mediterranean Foundationand proposes that the volume of Valencian deposits should be set in the Valencian Community and Murcia, and not in investments outside these territories.

The vacancy is under consideration

Although BBVA hostile takeoverAs for Banco Sabadell, it is at an early stage and at the moment it is not very clear what its final path will be, representatives of workers of the two enterprises have already begun to calculate how the operation could affect the workforce and Preliminary data is very extensive, since, according to union sources consulted by this newspaper, this could affect a maximum of about 1,300 workers in the Valencian Community, mostly laid off at the ERE.

Sabadellen headquarters in Alicante.

Person responsible for financial sector UGT in Alicante and Sabadell employee Laura García, He explained that both banks have a total of 34,300 employees in Spain, of which 21,600 are from BBVA and 12,700 from Sabadell. The ratio in the Valencian Community is 1400 in the first case and 2200 in the second. A total of 3600. In turn, there are 3100 offices throughout the country (1940 for the Basque bank and 1170 for the Catalan bank) and 403 in the autonomous region (192 to 211 in each case).