Sabadell warns that BBVA’s takeover bid could mean the loss of business and the departure of qualified personnel

May 23. () –

Banco Sabadell has warned that the takeover bid (OPA) launched by BBVA exposes it to “multiple uncertainties” such as possible loss of business opportunities or the departure of qualified personnel.

As stated in the Universal Registration Document, sent this Thursday by Sabadell to the National Securities Market Commission (CNMV), the bank’s executives could leave the entity in search of other professional opportunities due to the risk of losing their jobs in the case of the takeover bid being successful.

Likewise, he has indicated that there is a risk of loss of business opportunities as a result of the limitations on the actions of the administrative and management bodies of Banco de Sabadell during the time it takes for the takeover bid to be closed.

On this issue, Banco Sabadell has pointed out that “at this time” it is not possible to predict the duration of the regulatory review process and authorization by the CNMV of the takeover bid (although BBVA has estimated the duration of the takeover bid at a period of between 6 and 8 months) nor the result that the OPA may eventually have, if approved.

The life and general insurance, asset management and institutional depository businesses could be affected by BBVA’s takeover bid, according to Sabadell, warning of costs that could arise for the entity from the termination of the agreements it maintains with different counterparties. for these businesses.

Likewise, the bank has outlined “other potential adverse effects” on the evolution of its businesses, although it has not clarified any further information regarding this point.