Latest news with #BancoSabadell
Bloomberg
19 hours ago
- Business
- Bloomberg
Santander, Barclays Said to Be Final Bidders for Sabadell's TSB
By and William Shaw Save Banco Santander SA and Barclays Plc are the main contenders left in the race to acquire Banco Sabadell SA 's UK unit TSB, according to people familiar with the matter. Santander and Barclays are the only banks in the data room with offers for the business due Friday, the people said, asking not to be identified because the process is private. Sabadell would then likely select one bank to start negotiations over a potential deal, the people said.
Bloomberg
2 days ago
- Business
- Bloomberg
BBVA Favors Proceeding With Sabadell Bid If Investors Agree
By and Daniel Basteiro Save BBVA SA is leaning toward proceeding with its takeover offer for Banco Sabadell SA and is sounding out investors to see if they still back the deal, after Spain said the lenders wouldn't be allowed to fully merge for several years. BBVA executives think most of the savings can still be achieved, if at a slower pace than expected, according to people familiar with the matter. No final decision has been made and the outcome of ongoing deliberations depends on whether top investors of both banks continue to support the bid under the circumstances, the people said, asking for anonymity to discuss the private information.
Reuters
3 days ago
- Business
- Reuters
BBVA analysing impact of government conditions on synergies in Sabadell bid
SANTANDER, Spain, June 25 (Reuters) - Spain's BBVA ( opens new tab is considering whether to go ahead with its bid for Sabadell ( opens new tab after conditions imposed by the Spanish government on the deal and will reassess the impact on its estimated cost savings, the bank's country manager for Spain said on Wednesday. Peio Belausteguigoitia's comments come after the government said on Tuesday that BBVA will not be allowed to integrate its operations with Sabadell for at least three years as one of the conditions imposed by the Spanish government on its hostile bid for its smaller rival. "We'll decide on the additional condition shortly, in the near future ... We're in no way keen to delay this process," the BBVA executive said. He added that "all options" remained on the table - including withdrawing the offer and a potential claim against the government's verdict - while also defending the deal's rationale. Under Spanish law, the government cannot stop BBVA from buying its target's shares, but it has the final word at a later stage on whether a merger goes ahead. So far, BBVA had signalled that if it kept Sabadell separate it would still be able to generate the majority of the expected 850 million euros ($986 million) in cost synergies over two years after completing the deal. ($1 = 0.8621 euros)
Bloomberg
3 days ago
- Business
- Bloomberg
BBVA's Latest Setback Leaves Analysts Split Over Sabadell Deal
Spain's decision to delay a possible merger of BBVA SA with Banco Sabadell SA is leaving analysts divided over whether the deal will still go ahead. The government's announcement on Tuesday that the two banks would have to keep their operations separate for as long as five years has dented expectations of quick cost savings. BBVA has said it's evaluating the impact of the new hurdles.
Bloomberg
3 days ago
- Business
- Bloomberg
Spain's Sabadell Decision Not Swayed by Politics, Minister Says
Spain's Economy Minister Carlos Cuerpo said the government's decision to impose additional hurdles on BBVA SA's bid for Banco Sabadell SA wasn't motivated by concern about how a deal would be viewed in the autonomous region of Catalonia, where Sabadell is based. It's 'not true' that such considerations played a role, Cuerpo said in an interview on Bloomberg TV Wednesday.
