Latest news with #CesarGonzalezBueno
Yahoo
7 hours ago
- Business
- Yahoo
Sabadell's CEO says sale of TSB would complicate BBVA's bid for lender
MADRID (Reuters) -The potential sale of Sabadell's British unit TSB to Santander could further complicate BBVA's hostile takeover bid for the lender, Sabadell CEO Cesar Gonzalez-Bueno told analysts on Wednesday. The decision to dispose of TSB offers Sabadell a potential defensive play as it seeks to stop BBVA's takeover approach, aimed at creating Spain's second-biggest bank by credit volume after Caixabank. BBVA Chairman Carlos Torres said last month the bank could withdraw its offer for its smaller rival if it is forced to accept the sale of TSB, though it subsequently decided to proceed. Santander said on Tuesday it had agreed to acquire TSB for an initial 2.65 billion pounds ($3.64 billion) in an all-cash deal, subject to approval by Sabadell shareholders. Sabadell said proceeds from the sale would be used to fund a 0.50 euro per share extraordinary cash dividend, equivalent to 2.5 billion euros ($2.94 billion), in addition to 1.3 billion of ordinary dividends expected to be paid from 2025 earnings. Gonzalez-Bueno said that though the sale was not a poison pill, as it is independent of the BBVA bid and done to create value for shareholders, "it obviously makes the takeover bid more difficult or means that (bid) has to be higher." BBVA, which has always ruled out sweetening its offer for Sabadell, on Monday said it would proceed with its around 14 billion euro bid for Sabadell despite the Spanish government effectively blocking it from fully merging with Sabadell for at least three years. Following the deal, shares in Sabadell were up more than 5% by 0942 GMT, while shares in BBVA rose 1.7%. BBVA declined to comment on Wednesday on the impact of TSB's sale on its bid. Sabadell's CEO said he expected shareholders to approve both TSB's sale and an extraordinary 2.5 billion euro cash distribution on August 6, but would comply with guidance from the Spanish stock market supervisor on whether both would be possible. In Spain, legislation requires the governing bodies of a company targeted in a takeover bid to request shareholder approval before promoting or taking any action that might prevent an acquisition from succeeding. Gonzalez-Bueno said the TSB sale process had not been initiated by Sabadell but by a third party, but that that was irrelevant to whether shareholders would approve the deal. ($1 = 0.8497 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
9 hours ago
- Business
- Reuters
Sabadell's CEO says sale of TSB would complicate BBVA's bid for lender
MADRID, July 2 (Reuters) - The potential sale of Sabadell's ( opens new tab British unit TSB to Santander ( opens new tab could further complicate BBVA's ( opens new tab hostile takeover bid for the lender, Sabadell CEO Cesar Gonzalez-Bueno told analysts on Wednesday. The decision to dispose of TSB offers Sabadell a potential defensive play as it seeks to stop BBVA's takeover approach, aimed at creating Spain's second-biggest bank by credit volume after Caixabank ( opens new tab. BBVA Chairman Carlos Torres said last month the bank could withdraw its offer for its smaller rival if it is forced to accept the sale of TSB, though it subsequently decided to proceed. Santander said on Tuesday it had agreed to acquire TSB for an initial 2.65 billion pounds ($3.64 billion) in an all-cash deal, subject to approval by Sabadell shareholders. Sabadell said proceeds from the sale would be used to fund a 0.50 euro per share extraordinary cash dividend, equivalent to 2.5 billion euros ($2.94 billion), in addition to 1.3 billion of ordinary dividends expected to be paid from 2025 earnings. Gonzalez-Bueno said that though the sale was not a poison pill, as it is independent of the BBVA bid and done to create value for shareholders, "it obviously makes the takeover bid more difficult or means that (bid) has to be higher." BBVA, which has always ruled out sweetening its offer for Sabadell, on Monday said it would proceed with its around 14 billion euro bid for Sabadell despite the Spanish government effectively blocking it from fully merging with Sabadell for at least three years. Following the deal, shares in Sabadell were up more than 5% by 0942 GMT, while shares in BBVA rose 1.7%. BBVA declined to comment on Wednesday on the impact of TSB's sale on its bid. Sabadell's CEO said he expected shareholders to approve both TSB's sale and an extraordinary 2.5 billion euro cash distribution on August 6, but would comply with guidance from the Spanish stock market supervisor on whether both would be possible. In Spain, legislation requires the governing bodies of a company targeted in a takeover bid to request shareholder approval before promoting or taking any action that might prevent an acquisition from succeeding. Gonzalez-Bueno said the TSB sale process had not been initiated by Sabadell but by a third party, but that that was irrelevant to whether shareholders would approve the deal. ($1 = 0.8497 euros)
Sky News
a day ago
- Business
- Sky News
Santander bank deal could mean TSB name disappears from UK high street
Santander is to buy TSB, becoming the UK's third biggest bank in the process. It could mean the TSB brand is no longer visible on the high street, as Santander said it "intends to integrate TSB in the Santander UK group". The deal is subject to approval by regulators and shareholders of TSB's parent company, Banco Sabadell, but is expected to conclude in the first three months of 2026. Once completed, the combined bank will have the third-largest number of personal account balances in the UK, and be fourth in terms of mortgage lending, with a total of nearly 28 million customers, Santander said. Job losses may also result. TSB has five million customers, offers business and personal accounts, and is the UK's tenth largest lender for mortgages and deposits. After cutting jobs and branches last year, it currently employs roughly 5,000 staff and operates 175 branches, the seventh largest network in the UK. It comes just months after speculation that Santander would leave the UK market, despite denials from the Spanish-owned lender. In recent months, it had rejected takeover attempts from rivals NatWest and Barclays. Barclays had also bid for TSB. Banco Sabadell said it was selling TSB "to focus our strategy on Spain", said its chief executive, Cesar Gonzalez-Bueno. Santander has agreed to pay an initial £2.65bn for TSB, with the final price expected to rise to £2.9bn when yet-to-be-announced financial results are factored in. The price is 1.5 times the value of TSB's assets. "This is an excellent deal for customers, combining two strong and complementary banks, creating one of the most substantial banks in the UK and materially enhancing the competitiveness of the industry," said Mike Regnier, CEO of Santander UK.
Yahoo
2 days ago
- Business
- Yahoo
Santander and Barclays in final race to acquire TSB Bank
Banco Santander and Barclays are the remaining contenders to acquire Banco Sabadell's UK unit, TSB, Bloomberg reported, citing sources. Sabadell may select one bank for negotiations, though a deal is not guaranteed, the publication noted. There was no comment from the representatives of the parties involved. Sabadell CEO Cesar Gonzalez-Bueno said that a sale 'isn't a poison pill' and would only proceed if it 'makes sense,' with a decision expected before the new plan is unveiled on 24 Julyx`. The potential sale coincides with an €11bn unsolicited takeover bid for Sabadell by BBVA, as Spanish authorities issued at least three years wait period to integrate their operations. The Spanish government, aiming to protect jobs and maintain financial stability, has mandated that BBVA and Sabadell remain separate legal entities with independent management for at least three years. A TSB sale could limit BBVA's access to a key asset, the reported highlighted. TSB, acquired by Sabadell from Lloyds Banking Group in 2015, reported £285mn in pre-tax profits and £46.1bn in assets in 2024, serving 5 million UK customers. Earlier, sources cited by the Financial Times said that a sale could value TSB between £1.7bn and £2bn. Barclays has been focusing on strengthening its UK operations as part of a broader restructuring to boost profitability, having recently acquired UK firms such as Kensington Mortgages and Tesco Bank. Meanwhile, Santander has been closing some UK branches and reducing jobs to enhance its performance. "Santander and Barclays in final race to acquire TSB Bank " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
08-05-2025
- Business
- Bloomberg
Sabadell Chief Sees More Remedies for BBVA Deal Amid ‘Uproar'
Banco Sabadell SA Chief Executive Officer Cesar Gonzalez-Bueno said he expects more conditions will be imposed on a potential takeover of his company by rival BBVA SA, after Spain's antitrust agency approved the offer with some remedies. 'There is a social uproar against against this deal,' Cesar Gonzalez-Bueno said in an interview on Bloomberg TV. 'We can expect that there could be further remedies.'
