Mary Jesus PérezSEGUIRMadrid Updated: Save Send news by mail electrónicoTu name *
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The ceo of Banco Sabadell, Jaime Guardiola, said today that while he understood that the conditions to return to reactivate the processes of concentration as a request from the european authorities, “Sabadell, and in general the rest of the Spanish banking sector, we are focused on addressing a situation complex derived from the pandemic. Is what we are dealing with 100% of the time and we can not respond to other issues such as the merger. Do not give me the mind to think about other things.”
Asked repeatedly about this matter, during the press conference of telematics subsequent to the presentation of the results for the first half of the year 2020, the ceo of Sabadell emphasised that understand that the fact that the entity is between the pools to be a protagonist in a hypothetical operation of consolidation reflects the “normality”. In his opinion, the concept of mergers it makes sense to industrial in the markets mature and pressure in the top of the account of results, and, moreover, in a situation of prolonged low interest rates, which, coupled with the obligation to make new investments in digital transformation, end by creating difficulties they have as a result the sense of implementation of these consolidation operations.
in Addition, Guardiola acknowledged that in the market, and in the bosom of the supervisors, “many wanted to cross-border mergers”, since that would imply a “big step” in building a Europe that is more economically integrated. However, it noted that the international consolidation it is less appealing to investors because it generates lower cost synergies.
In any case, the banker, in line with what I also said yesterday his counterpart at BBVA, Onur Genç, explained that the focus of Banco Sabadell in the present is that of trying to deal with the crisis and improve the profitability of organic form. “Today Sabadell is super-concentrated to deal with this economic situation so complex, that I think we are very prepared”, has indicated.
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