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Sabadell partner Zurich increases 3% stake in bank to become fourth largest shareholder

TOPICS:
banco sabadell

Posted By: The Corner 30th October 2024

Link Securities | According to reports filed with the Spanish Securities and Exchange Commission (CNMV), Zurich, a bancassurance partner of Banco Sabadell (SAB) for the past 16 years, has increased its stake in the bank’s capital to 3%, according to Expansión newspaper.

This is the first communication of a major stake taken by the Swiss insurer in the bank.

The transaction, registered with the National Securities Market Commission (CNMV) last Friday, comes in the midst of BBVA’s hostile takeover bid for Sabadell. At current prices the shareholding of the Swiss insurer would have a price of about €300 million.

The Swiss firm is now the bank’s fourth largest shareholder, behind BlackRock (6.63%), the Dimensional fund (3.75%) and Mexican investor David Martínez (3.49%).

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.