Despite the Spanish Government’s opposition to the expansion, the president of BBVA assumes that in the end there will be a merger.
The president of BBVA, Carlos Torres, asked shareholders this Monday for their support to carry out the capital increase proposal at the next meeting and advance in the purchase of Banco Sabadella “positive” project for the shareholders themselves, employees and society as a whole.
Torres recalls in a video that BBVA is holding an extraordinary general meeting on July 5 in order 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 not involve, therefore, any disbursement by BBVA shareholders, emphasizes Torres, who, despite the opposition of the Government of Spain, assumes that in the end there will be a merger.
“The union of both entities will strengthen our positioning and scale in the Spanish market, and thus we will achieve greater efficiency and profitability”, explained the banker.
Source: Eitb
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