The BBVA banking group, Spain’s second largest bank, announced on Tuesday that it contacted its competitor Sabadell to begin talks about a “possible merger”, more than three years after a first rapprochement project failed.
“BBVA confirms that it has conveyed to the Chairman of the Board of Directors of Banco de Sabadell SA its interest (…) in starting negotiations to explore a possible merger between both entities,” the bank said in a short statement sent to the control body. Spanish stock market (CNMV).
This brief note, which states that “it has appointed advisors for this purpose”, does not provide further information on the conditions of this potential rapprochement.
“Banco Sabadell confirms that it has received (…) a written proposal” from BBVA “for a merger,” indicated this entity, the fourth largest Spanish banking group, for its part.
“The Board of Directors” of the group based in Alicante (southeast) “will adequately analyze all aspects of the proposal,” it states in a short statement also sent to the CNMV.
The two banks had announced a first merger project in November 2020, with the aim of better resisting the economic crisis caused by the covid-19 pandemic.
This project, which would have given rise to a banking giant, was finally abandoned ten days later, due to lack of agreement on “the eventual exchange ratio for the shares of both entities,” according to Sabadell.
The announcement of this possible resumption of negotiations comes one day after the publication of the results of BBVA, which recorded a net profit up 19% in the first quarter, thanks above all to the good results in Spain and Mexico.
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The second Spanish banking group, behind Santander, obtained total profits of 2,200 million euros (2,354 million dollars) in the first three months of the year, compared to 1,840 million in the same period of the previous year.
The Sabadell group announced last week that it achieved 308 million net profit in the first quarter, the highest figure in its history.
2024-04-30 13:58:52
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