Sabadell made $975 million in the first half of the year, 23% more last year
On the BBVA's bank purchase operation, Sabadell CEO César Gonzalez-Bueno has stated that the BBVA has only two options from now on: "improve the offer or withdraw."
Sabadell Bank CEO Cesar Gonzalez-Bueno. Photo: EFE
Immersed in the final straight of the BBVA purchase operation, Sabadell Bank has broken records in the first half of the year with earnings of €975 million (23.3% more), hoping to grow its profitability to 16% and share $6.3 billion among its shareholders over the next three years.
The Catalan entity today presented a strategic plan to try to convince the market of the value of its project so that its shareholders bere can decide in Septemberwhether to accept the purchase proposed by the bank led by Carlos Torres.
The bank wants to earn 1.6 billion in 2027, without TSB subsidiaries in the United Kingdom, and has made it clear that the dividend will exceed 20.44 cents paid in 2025, 2026 and 2027 by 2024.
The $6.3 billion will be distributed through cash dividends and repurchase of shares, including the distribution of 60 per cent of the profits made during that period, over 13 per cent of total capital and an extraordinary dividend of $2.5 billion announced for the sale of TSB.
Bank CEO CésarGonzalez-Bueno today challenged the BBVA to present a strategic plan and clarify the remuneration that shareholders would receive, as the Catalan entity has done.
The banker has stressed that Sabadell alone has more capacity , but has left the door open to consider joining a smaller entity and believes that none of the three major Spanish banks - Antander, BBVA, CaixaBank- can absorb more state banks.
Gonzalez-Bueno has pointed out that the BBVA has only two options from now on: "improve the offer or withdraw. "The manager has added that if the deadline for the operation begins from September, not even 50% of Sabadell's shareholders will support the purchase." Under these conditions, it will not succeed, "added Gonzalez-Bueno.
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