BBVA

European economy 9th September 2024

ECB approves BBVA’s takeover bid for Sabadell and passes buck to CNMV

Norbolsa | The ECB will not oppose Sabadell’s takeover bid, its analysis being on the solvency of both entities (without entering into competition). The ball is now in the court of the National Securities Market Commission (CNMV), which has 20 days to authorise the operation; this decision could come before the authorisation by the National Markets and Competition Commission (CNMC), which would delay the operation further, implying the entry of…

European economy 4th September 2024

BBVA gets go-ahead from UK regulators for indirect acquisition of TSB

Norbolsa | The British prudential regulator has authorised BBVA to take indirect control of TSB (Sabadell’s UK subsidiary). This authorisation is one of the conditions to which the takeover bid is subject, as it required 50.1% of Sabadell’s share capital, the approval of the National Markets and Competition Commission (CNMC), and finally this authorisation from the UK Prudential Regulation. On the other hand, yesterday, the Minister of Economy, Carlos Cuerpo,…

Spanish economy 2nd September 2024

Bank of Spain gives approval to BBVA’s takeover bid for Sabadell, which BBVA accuses in SEC of “hindering” operation

The Bank of Spain has informed the ECB of its approval of BBVA’s takeover bid for Sabadell in a document characterized as a “non-opposition” opinion, which indicates that financial stability would be safeguarded. Although it is non-binding, i.e. it does not oblige the ECB to follow the recommendation, the ECB tends to align itself with the views of national authorities. The report in question was drawn up by the internal…

Companies, Ibex 22nd August 2024

BBVA places €1 billion in new twelve-year Tier 2 subordinated debt issue with seven-year redemption option

Link Securities | BBVA (BBVA) placed on Wednesday €1 billion in a new twelve-year Tier 2 subordinated debt issue with a seven-year redemption option, according to Bolsamanía.com. The price was set at mid swap + 200 basis points, lower than the starting price (mid swap + 225 basis points). BBVA points out in its press release that the market response has been significant, with demand exceeding €3 billion at times,…

Companies, Ibex, Relevant News Item 13th August 2024

BBVA acknowledges that not completing merger with Sabadell would jeopardise €850m cost savings target

Link Securities | BBVA (BBVA) has acknowledged to the National Securities Market Commission (CNMV) that if it successfully carries out the takeover bid for Banco Sabadell (SAB), but cannot complete the merger, it would find it difficult to meet its target cost savings of €850 million over three years, as reported yesterday by the digital portal Invertia.com. In any case, it believes that in this scenario it could materialise “most…

Relevant News Item 1st August 2024

BBVA earns €4.994 billion in 1H24, up 28.8% year-on-year, thanks to recurring revenues from banking business

Link Securities | The bank yesterday presented its results for the first half of the year (1H2024), of which we highlight the following aspects: BBVA’s net interest income at 30-Jun-2024 was higher than in the same period of the previous year (+13.9% year-on-year; +20.3% year-on-year) to €12,993 million (+0.1% at constant rates; +0.1% FactSet consensus), with growth in all business areas except Turkey, as a result of the dynamism of…

European economy 26th July 2024

ECB assures its opinion on BBVA’s takeover bid for Banco Sabadell will not be delayed for too long

Link Securities | In an interview with Europa Press, the Vice-President of the European Central Bank (ECB), Luis de Guindos, said yesterday that the institution’s opinion on BBVA’s takeover bid for Banco Sabadell (SAB) will not be delayed for long. BBVA requested authorisation from the ECB to launch the takeover bid on 4 June and this is one of the necessary steps for the National Securities Market Commission (CNMV) to…

Relevant News Item 23rd July 2024

BBVA chooses Telefónica Tech to boost cybersecurity of global operations

Link Securities | BBVA (BBVA) has chosen Telefónica Tech (Telefónica (TEF)) to boost the cybersecurity of its operations on a global scale with the incorporation of the most advanced technologies in artificial intelligence and process automation for the prevention of cyber threats, according to the digital portal Bolsamania.com. In addition, this alliance involves the creation of a new specialised centre in Mexico, which will function as a mirror of BBVA’s…

Spanish economy 8th July 2024

BBVA to issue up to 1,126 million new shares to Banco Sabadell shareholders who accept offer of one BBVA share for every 4.83 Sabadell shares

Link Securities | The digital portal Bolsamania.com reported on Friday that 96% of BBVA shareholders gave their approval to the capital increase required for the takeover bid for Banco Sabadell at the Extraordinary General Meeting held on Friday. The quorum at the meeting was 70.75% and the shareholders gave “their firm support to the capital increase necessary to extend our offer to SAB shareholders”, said the chairman of the Basque…

Spanish economy 5th July 2024

BBVA holds an Extraordinary General Shareholders’ Meeting today to approve the bid for Banco Sabadell

BBVA is holding an Extraordinary General Shareholders’ Meeting today at the Palacio Euskalduna in Bilbao, at which it is expected to approve the takeover bid (hostile takeover bid) for Banco Sabadell, and the capital increase -of 20%- necessary to make the bid, at a ratio of one new BBVA share for every 4.83 Banco Sabadell shares. At the time the offer was made public, this offer represented a premium of…

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