The President and CEO of Banco Sabadell, Josep Ollio and Cesar González Bueno, has sent a message to the workforce once again after BBVA sent the prospectus of its hostile takeover offer to the National Securities Market Commission (CNMV) that it put forward to the Catalan. entity.
“It will be a long process that will be followed by a series of very complex licenses that will last for months. In the meantime, we will submit everything,” Gonzalez B said in a video. “There is nothing new,” Olio said. “Let me insist that this is a hostile takeover offer, that is, it was neither agreed upon nor requested by the bank’s board of directors.”
As he had already done after the Board of Directors rejected the merger proposal announced by BBVA on May 1, Olio, along with Sabadell CEO Cesar González Bueno, sent a video to employees reminding them of the reasons why the Board had made this decision: “[el consell]We are convinced that the Banco Sabadell project alone will generate greater value for shareholders, customers, the workforce and society in general.”
In addition, he recalled the bank’s intention to distribute 2.4 billion euros for the results of 2024 and 2025, a payment “supported by the action plan.”
“During the entire process, we informed you on time. In fact, I asked Cesar, with a high degree of frequency, to comment on the bank’s performance,” said Olio, before stressing his confidence in the work of the bank’s employees. He added: “Allow me to reiterate to you my confidence in your ability and commitment to enhancing the bank’s excellent results in recent years.”
He also noted that the bank’s valuation has increased five-fold since 2020 and from the beginning of this year until April 29, before BBVA submitted the merger proposal, Sabadell’s share price rose by 60%.
“There is nothing new. There is nothing written. We are Banco Sabadell, we are a great future project for our clients and our employees. I want to send a hug and encouragement to everyone at the bank to continue this project with full force. It is worthy,” he defended.
For his part, Gonzalez Bueno expressed his full confidence in the Sabadell team to enhance the impressive results “even more.” “2023 was the best year in history, and the first quarter of 2024 was amazing in business activity and financial results,” he commented.
“We will work, if possible, with more enthusiasm and dedication to service than ever before so that the coming quarters will be better. It will be a long process that will follow a series of very complex licenses that will last for months. In the meantime, we will give everything,” he concluded. Our focus has to be delivery, delivery, delivery.”
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