DIRS.INFO The most relevant business & tech news

☆ Spain's BBVA announces $13 billion hostile takeover bid for Sabadell
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade.

Persons: Carlos Torres Vila Organizations: BBVA, Sabadell, Banco, Hostile, UBI Banca, Spain's, Santander Locations: Spanish, Madrid, Spain

☆ A rare hostile takeover bid in Europe's banking sector has shocked markets
▼ + stars: | 2024-05-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.

Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ Spain's BBVA takes aim again at $10 billion Sabadell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +2 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed. The potential merger follows a period of consolidation in the sector as Spanish banks seek to cut costs and boost scale. For BBVA, a tie-up would boost its domestic business and increase lending to small and medium-sized companies, where Sabadell is strong. Spain's Economy Minister Carlos Cuerpo told Spanish news agency EFE that it was essential to preserve a competitive landscape in the financial sector.

Persons: BBVA's, Onur Genc, Carlos Torres, Joaquin Robles, JP Morgan, Carlos Cuerpo, EFE Organizations: BBVA, Sabadell, XTB, Unicaja, UBS, JPMorgan Locations: Spanish, Madrid, Spain, Santander's

☆ Spain's Sabadell lifts 2023 outlook for lending income and profitability
▼ + stars: | 2023-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The logo of Sabadell bank is displayed in Barcelona, Spain, March 16, 2023. Its net interest income (NII), earnings on loans minus deposit costs, rose 29% year-on-year to 1.24 billion euros. Higher lending income also helped the bank lift its 2023 target for return-on-tangible equity ratio (ROTE), a measure of profitability, to around 11.5% from 10.5%. Sabadell finished the quarter with a ROTE of 11.59% after net profit rose 46% year-on-year to 464 million euros, beating the 383 million analysts expected. Sabadell also announced an interim dividend of 0.03 euros per share in cash, up 50% versus last year.

Persons: Nacho, JP Morgan, Jesús Aguado, Varun, Mark Potter Organizations: REUTERS, Sabadell, British, TSB, Barclays, Thomson Locations: Sabadell, Barcelona, Spain, MADRID

☆ Sabadell doubles Q2 net profit, lifts guidance for 2023
▼ + stars: | 2023-07-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Spain's fourth-largest bank by market value reported a net profit of 359 million euros ($398 million) for April-June, compared with 179 million euros in the same period last year. Analysts polled by Reuters had expected a net profit of 287 million euros. TSB's net interest income (NII) - earnings on loans minus deposit costs - grew 9.7% year-on-year in the quarter. Sabadell's NII in the quarter rose 30% year-on-year to 1.17 billion euros. Domestic rival Unicaja (UNI.MC) said its net profit rose by around 6% year-on-year in the second quarter, also supported by higher financial margins.

Persons: Spain's, Leopoldo Alvear, Alvear, Sabadell's, Unicaja, Jesús Aguado, Emma Pinedo, Miral Fahmy, Mark Potter, Susan Fenton Organizations: Bank, Sabadell, Reuters, British, TSB, Barclays, Thomson Locations: MADRID, Sabadell, Spain

☆ Sabadell's Q1 net profit falls 4% on banking tax despite strong lending
▼ + stars: | 2023-04-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, April 27 (Reuters) - Spain's Sabadell (SABE.MC) on Thursday said its first-quarter net profit fell 4% from the same period in 2022 due to the impact of a new banking tax in Spain which could not be offset by a solid performance in lending income. The country's fourth-largest bank in terms of market value reported a net profit of 205 million euros ($226.55 million) in the January to March period. Analysts polled by Reuters expected a net profit of 138 million euros. The bank said the cost of the banking levy was 157 million euros, which it fully booked in the quarter. Excluding the impact of the banking tax, first quarter net profit rose 69% year-on-year.

Under the deal, Nexi will buy 80% of Paycomet, Sabadell's payments subsidiary, for 280 million euros, with the Spanish lender retaining a 20% stake for at least three years. The business that handles shopowners' payments is a source of stable income for banks, but the need for hefty investments has prompted an increasing number of banks to dispose of all or part of their payments operations. With the deal, Nexi will come to handle transactions worth around 48 billion euros for more than 380,000 Spanish shopowners, adding around 30 million euros of core profit based on 2023 data, it said. The sale is at an enterprise value for the unit of 11.5 times earnings before interest, tax, depreciation and amortisation. Rothschild and Jefferies were financial advisers to Nexi which also worked with BCG, KPMG and Allen & Overy.

☆ Sabadell Q3 net beats forecasts on lending income, lower costs
▼ + stars: | 2022-10-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The country's fourth-largest bank in terms of total assets reported a net profit of 317 million euros ($319.06 million) for the July-September period. Analysts polled by Reuters expected a net profit of 221 million euros. At a group level, third-quarter net interest income rose 10% from a year earlier to 965 million euros, compared with analysts' forecast of 917 million euros, and it also rose 7.4% against the previous quarter. Against that background, Sabadell revised the bank's net interest income guidance up to a double-digit growth for 2022 from a previous mid-single digit growth forecast on the back of higher interest rates. Total costs fell 30% in the third quarter against the same quarter a year ago though were 1% higher compared to the previous quarter.

Search resuls for: "Sabadell's"

9 mentions found