BBVA‘s Torres Remains Firm at Helm, Calls Failed Sabadell Bid a “Lost Opportunity”
Madrid, Spain – BBVA Chairman Carlos Torres has affirmed his commitment to leading the bank, definitively ruling out any resignation following the unsuccessful takeover bid for Banco Sabadell. In a wide-ranging interview with El periódico, Torres described the failed acquisition as “a lost opportunity for everyone: clients, shareholders, Catalonia, spain and Europe.”
torres emphasized that the ultimate decision rested with Sabadell’s shareholders, stating, “There is no point in wasting time thinking about what could have been done differently.” He attributed the lower-then-anticipated acceptance rate of the bid, in part, to “the false expectation of a second offer, uncertain and without real advantages,” which he said negatively impacted participation from some passive funds. However, he noted strong engagement from active institutional investors.
The BBVA Chairman also suggested a potential role for regulatory clarity in future takeover scenarios. “It would have been convenient” for the CNMV (Spain’s National Securities Market Commission) to clarify the potential price of a second bid during the acceptance period, tho he expressed “full confidence in the supervisor’s judgment.” He further called for a broader review of regulations to eliminate existing ambiguities.
Following the proclamation of the failed bid, Torres revealed a “more than cordial” conversation with Banco Sabadell President Josep oliu, with both leaders agreeing on the process’s conclusion.He expressed hope for Sabadell’s future success, stating, “I don’t wish anyone’s stock to go down, much less Sabadell. I hope they have a positive evolution.”
Torres confirmed meetings with representatives from both the central government and the Catalan government, but declined to provide specific details.
Addressing speculation about his own future, Torres was unequivocal. he stated his continuity “did not depend at all on the result of the operation,” highlighting the “unanimous support of the council and 96% of the extraordinary meeting” regarding all decisions. “I still have three years left as a member of the board and as president. As long as they continue to trust me, I will continue to lead the bank,” he concluded.
