The acceptance period for BBVA’s takeover bid for Banco Sabadell is rapidly approaching its conclusion, prompting directors from both banks to engage intensely with shareholders to rally support for their positions. Carlos Torres , the president of BBVA, made a strategic visit to Barcelona this Thursday as part of this final push before the deadline, which is set to expire tomorrow .
In a recent interview on Catalunya Radio, Torres remarked, “Many shareholders do not make their decision until the last three days.” He confidently projected that the acceptance will “widely” exceed 50% of Sabadell’s capital , thereby eliminating the need for the National Securities Market Commission (CNMV) to mandate a second takeover bid. According to Torres, a subsequent offer would not provide any advantages over the current exchange proposal.
During his last meetings, Torres reported that not a single institutional investor indicated a lack of interest in participating in the exchange. He emphasized that the final outcome will be disclosed on October 17 . “The opinion we have gathered from institutional shareholders and investment professionals is practically unanimous. Just two days ago, I was in London meeting with several of them, and there wasn’t a single investor who declined the exchange,” he stated, as quoted by Efe .
Furthermore, Torres mentioned that BBVA currently acts as the custodian bank for 2% of Banco Sabadell’s shares , noting that 40% of shareholders within this segment have already accepted the takeover bid. This contrasts sharply with the assertions made by César González-Bueno , the CEO of Banco Sabadell, who claimed that support stood below 1% among the bank’s client shareholders during the XVI Expansión-KPMG Financial Meeting just two days prior.
Meeting with Entrepreneurs
Following his media engagements, Torres participated in the fourth edition of the BBVA Spark Summit , an annual event focused on startups and venture capital hosted in Barcelona. This gathering serves as a platform for innovators and entrepreneurs looking to gain insights and funding opportunities in the financial tech space.
During his speech, Torres outlined that BBVA is currently undergoing a transformation driven largely by advancements in artificial intelligence (AI). He emphasized that this technological revolution is destined to bring about significant changes and investments across various sectors, underscoring the rationale behind the takeover bid and the pressing need for banking entities to scale their operations.
As part of this transitional strategy, Torres mentioned that BBVA will leverage “eight robots,” each tailored to assist with critical banking functions such as customer management , risk management , software development , and employee productivity . This proactive approach to automation demonstrates BBVA’s commitment to staying competitive in an increasingly digital landscape.
Reflecting on the current AI enthusiasm , Torres drew parallels to the dot-com bubble , although he expressed optimism about AI’s long-term implications. “We were also a very minority who assured that the digital and mobile channel would indeed become a reality,” he recalled.
In a spirited discussion that accompanied his address, Torres shared his thoughts with Santiago Muguruza , the director of BBVA Spark, regarding potential avenues for new entrepreneurs. He suggested that if he were to embark on a professional journey today, he would choose to enter the energy sector , which he considers to be among the most pressing challenges that need addressing in the modern world.
As the clock ticks down to the deadline for BBVA’s takeover bid, it remains to be seen how shareholders will respond to this aggressive outreach and whether the anticipated percentage of acceptance will materialize. The outcome on October 17 will undoubtedly shape the landscape of the Spanish banking sector, potentially signaling a new era for BBVA and Banco Sabadell.