Despite the Spanish government’s opposition to the expansion, the chairman of BBVA assumes that a merger will eventually take place.
The president of BBVA, Carlos Torres, asked shareholders for their opinion this Monday support to implement the capital increase proposal at the next meeting and advance on the purchase of Banco Sabadella ‘positive’ project for the shareholders themselves, the employees and society as a whole.
Torres recalls in a video that BBVA will hold an extraordinary general meeting on July 5 to approve a capital increase to be able to offer Sabadell shareholders one new BBVA share for every 4.83 shares of the Catalan bank.
This expansion will therefore not entail any distribution by BBVA shareholders, stresses Torres, who, despite the opposition of the Spanish government, assumes that a merger will eventually take place.
‘The union of both entities will strengthen our positioning and scale in the Spanish market, and thus we will achieve greater efficiency and profitability,” explains the banker.
Source: EITB
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