BBVA warns that the merger with Sabadell will only be done if it really creates value

BBVA headquarters in Madrid.
EFE

The CEO of BBVA, Onur Genç, has warned this Wednesday that the possible merger with the Bank Sabadell, which would create the second bank in Spain, will only be carried out if it is found that the operation really creates value for shareholders.

BBVA’s ‘number two’ has underlined that the entity is not “obliged” to carry out any purchase in Spain since its market share is 15%, but that does not mean that it analyzes the opportunities that arise, such as that of Banco Sabadell.

In a conference organized by Abc and Deloitte, he explained that in any operation of this type the focus is on creating value and insisted that the negotiation of the merger and the analysis process are starting now.

BBVA, has justified, analyze the opportunities that arise and among them is the possible merger of Banco Sabadell, whose negotiations were confirmed by both entities this Monday.

However, this does not imply that a decision has been made or that there is certainty that the negotiations will end in a merger, Genç stressed.

Even so, he stressed that the BBVA would have the muscle to carry out the purchase of Banco Sabadell and even other opportunities that arise, after the agreement reached this Monday to sell its subsidiary in the United States, which will make the bank become the best capitalized entity supervised by the ECB.

We will use this “flexibility” to invest because there will be “many opportunities”, Genç predicted, who has also insisted on the bank’s idea that it wants to take advantage of it to raise shareholder remuneration, if possible by buying shares.

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