A few days ago, EL PAÍS published on its front page the photo of the hug between Josep Oliu, president of Banco Sabadell, and its CEO, César González-Bueno; The image recalled the hug of the artist Juan Genovés (today in the Reina Sofía Museum), which meant reconciliation after decades of dictatorship. That image is almost reflected between the two first executives of the Catalan bank after overcoming the hostile takeover bid by BBVA. And in what way: only 25.47% of the shareholders attended. The entity chaired by Carlos Torres never imagined such a low figure. The disappointment was enormous, after 17 months pursuing the goal. Oliu has faced 25 operations in his career but never a hostile takeover. He keeps his word, and with his left hand he takes out a cigar that, he assures, he will smoke with his granddaughter (better far away). But it is also time to do self-criticism. «What we haven’t done well in this takeover bid is that in the last three days we were convinced that there would be a second one, and it didn’t happen. We lost three days of work,» he said, laughing. The way to defend themselves was to create a team with advisors, communications, and lawyers, who reported to the CEO. Their work was independent and they were only focused on the operation and how to counter it. “We analyzed the value and saw that it had more weight as an independent entity than what they wanted to give us.” Sabadell sold its British subsidiary to obtain an extra 3,000 million euros with which to win over the shareholder. That is, provide dividends. He defended himself by making himself smaller and promising high compensation. This year it will pay the shareholder 1,380 million. A record number. It is nothing less than 40%. And maintain the strategy of increasing profitability by 16% during 2027. This should allow them to remunerate shareholders with 6,450 million euros until that year. Among the lessons, according to the president of Sabadell, is that «they will never make a hostile takeover.» And the strategic objective is to comply with this distribution to shareholders and grow only organically, without resorting to purchases. In the next two or three years «our focus is not going to be expanding the size. We are waiting to acquire a payment platform. We are a customer bank that distributes products through different platforms.» And to calm the restless, Oliu cited that the risk of executing the strategy is zero. Come on, they will charge what was agreed. “The bank is very solid,” he stated. Leaving far from Catalonia is also ruled out.
Signs of identity
Sabadell defends that its way of doing things and its hallmarks have been key to strengthening its survival, given the absorption intentions that BBVA had. “There is a group of shareholders of the bank who, in reality, are clients,” Oliu highlighted. “The bank’s clients are savers and companies, and they have expressed that they wanted Banco Sabadell as it is.” Acquisitions are very complicated and competition does not make it easy. Only one advisor, David Martínez, defended the takeover bid. Now where he said I say, he says Diego, and bets on the independent value of the entity. Will he remain in office or resign? Matter of time. Of course, the operation has gone down well in the city. The person in charge of Foment del Treball, Josep Sánchez Llíbre, pointed out “that it was buying dollars for four pesetas.” Carlos Torres, president of BBVA, has congratulated his opponent. “Although it was not the result they expected.” The failure is great. The repercussions are kept in a safe. The hare also jumps on the bench. We have seen it.