El banco prevé abonar 0,5 euros por acción a principios de 2026
Banco Sabadell will hold two extraordinary general meetings of shareholders this Wednesday to approve the sale of its British subsidiary to TSB to Banco Santander and the associated dividend of 0.5 euros per share.
Specifically, shareholders are summoned to the facilities of Fira de Sabadell (Barcelona) at 10 a.m. to decide on the sale and at 1 p.m. to vote on the dividend.
If approved, the dividend of a total of 2.5 billion euros will be paid to shareholders in the first quarter of 2026, by which time the public tender offer (OPA) launched by BBVA will have been resolved.
In fact, both meetings are being held due to the OPA, as the board of directors has to maintain the duty of passivity, which prevents them from making significant decisions such as the sale of TSB and the new dividend.
Both meetings come after the presentation of results for the first half of the year, where earnings reached 975 million euros, up 23.3% from the same period last year, and the announcement of a first interim dividend of 0.07 euros per share on August 29.
PROXYS
‘Proxy advisors’ ISS and Glass Lewis have both recommended that Banco Sabadell’s shareholders vote in favor of the sale of the British subsidiary.
ISS points out that the operation would allow Banco Sabadell to «refocus on its core market» and distribute a higher dividend to its shareholders.
Meanwhile, Glass Lewis has stated that the operation «appears strategic and financially solid» and will enable Banco Sabadell to exit a business that is outside its domestic market.
TSB SALE
Banco Sabadell and Banco Santander announced on July 1st an agreement for the sale of TSB for an initial price of 2.65 billion pounds (3.098 billion euros).
The offer made by Santander is for all the shares of TSB held by Sabadell, and the final price received by Sabadell for its British subsidiary will be adjusted for the value generated by TSB until the transaction is completed.
Specifically, assuming the transaction is completed on March 31, 2026, Sabadell estimates it will receive a total of 2.875 billion pounds (approximately 3.361 billion euros) for the sale of TSB.
Sabadell argued at the time that the operation represents a strategic opportunity and is «extraordinarily beneficial» for both the bank and its shareholders, regardless of the OPA made on Sabadell by BBVA in May 2024.
DIVIDENDS
Banco Sabadell presented its new Strategic Plan on July 24, which includes a shareholder remuneration of about 6.3 billion euros for the period 2025-2027, equivalent to more than 40% of its current market capitalization.
These 6.3 billion euros, to be distributed through cash dividends and share buybacks, include the distribution of 60% of the profits generated in the period, the allocation of all capital exceeding 13%, and the extraordinary dividend of 2.5 billion euros for the sale of TSB – if approved.
For 2025, the bank plans to distribute 1.3 billion euros from the current year’s earnings through cash dividends and share buybacks.
In addition to the first interim dividend, payable on August 29, two regular dividends will be added, according to Sabadell’s forecasts and following the remuneration policy approved at the last shareholders’ meeting: one on December 29 and another to be paid between March and April 2026.
For the following two years, 2026 and 2027, Sabadell estimates that it will remunerate its shareholders with at least 2.5 billion euros.