Sabadell's CEO said on Wednesday he did not expect Spain's competition regulator to come down too hard on BBVA's hostile takeover bid when it announces the outcome of its review into the proposed deal.
Onur Genҫ, CEO of BBVA, discusses the latest developments in the bank's plan to acquire Spanish rival Banco Sabadell, and broader consolidation in the European banking sector.
Spain's BBVA remained confident that its hostile takeover bid for smaller rival Sabadell will be approved by competition authorities within the next few weeks, its chief executive officer Onur Genc said on Wednesday.
Spain's BBVA plans to double revenues in its corporate and investment banking unit in the next few years as part of a new strategy to be announced later in 2025, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Shares of Spain's BBVA have delivered an exceptional return in recent years, as its previously struggling domestic business is now recording strong profits. Falling interest rates likely mark the peak for the Spanish business, but management actions and a return to solid volume growth will keep earnings resilient. BBVA still trades for a single-digit forward P/E, and this can support double-digit annualized returns from here.
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Spanish bank BBVA's hostile takeover bid for smaller rival Sabadell , announced 10 months ago, faces its latest test as soon as March when the competition regulator may announce the results of its review.
Banco Bilbao (BBVA) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Spain's stock market supervisor CNMV will wait for the government's decision and the competition watchdog's review of BBVA's hostile bid for Sabadell before deciding on the potential authorisation of the takeover prospectus, CNMV chief Carlos San Basilio said on Wednesday.
BBVA has increased its target for lending to businesses the Spanish bank considers sustainable to 700 billion euros ($732.7 billion) over the next five years, it said on Monday.
Spanish lender BBVA has hired investment bank Rothschild to sell part of its majority stake in the Crea Madrid Nuevo Norte (Crea MNN) real estate project, newspaper Cinco Dias reported on Friday.
Chief Executive of Spain's Sabadell Cesar Gonzalez-Bueno on Monday said that the remedies proposed by BBVA in its takeover offer were insufficient to address competition concerns.