The head of BBVA Spain, Peio Belausteguigoitiaha discarded the possibility of your entity going for another entity if the hostile takeover bid that has been proposed to acquire and merge with Banco Sabadell does not go ahead.
In his speech on the third day of the XLI Seminar organized by the Association of Economic Information Journalists (APIE) and the Menéndez Pelayo International University (UIMP), Belausteguigoitia stated that, if the proposed operation fails, BBVA would continue with its organic growth strategy that is giving “excellent results.”
He has also specified that, if the merger does not take place, but the takeover bid is successful, the attractiveness of the proposed operation would come from the complementarity of bankswhich has been one of the rationales for the operation.
In fact, in this sense, it has also highlighted the bet on SMEsa segment where the bank wants to grow through this acquisition of Sabadell, while pointing out that the restructuring costs rest “less” on job cuts and the branch network, than on savings in general and technology expenses. .
“This would continue to be the case in a very significant percentage if there were no merger,” he pointed out, as the president of BBVA already did, Carlos Torresat the opening of the seminar last Monday, when he already announced that the operation without merger would remain attractive for cost savings.
On the other hand, regarding the rhythm of delegation of votes of the minority shareholders, the head of BBVA Spain has indicated that the process of collecting votes began last week, on June 10, and lasts around three weeks, a “usual” operation that the bank has for all meetings. “So far, the rhythms are normal and positive,” he stated.
Regarding the impact that the takeover bid would have had on commercial operations, Belausteguigoitia has stated that he has not noticed “anything” in the business and that the business objectives are being met with the data that the entity has today. “We are very positive with all the commercial dynamics and with the objectives that we had set at the end of 2023 for all of 2024,” he defended.
The ‘country manager’ of BBVA Spain has pointed out, regarding the percentage of success that the takeover bid would have, that the indicator of this right now would be the progress of the banks’ stock prices. “It is evident that how much the narrower the premium is that the market is granting greater chance of success of the operation,” he said.
News prepared by Europa Press
