President del Banco Sabadell Expresses Concerns Over BBVA Takeover
It is anticipated that the President of Banco Sabadell, Josep Olu, will take into account the «damages that this operation could have for the country,» in reference to BBVA’s takeover bid for the entity.
«I trust that the Spanish government will reflect and consider the state of the situation: the benefits that this operation could bring to the country, which I do not see, and, on the contrary, the damages that this operation could have for the country, which I do see,» he said in an interview with TV3 collected by Europa Press.
«I see it very difficult for an operation that goes against the clients,» he said, adding that the takeover bid is met with rejection by everyone, but some consider it inevitable.
For him, «The only ones who reject it are not that they do not reject it: they say that the takeover bid is inevitable, as fate, the force of destiny. No, it is not the force of destiny.»
«The power of destiny is that we can explain it and explain it to the shareholders at the moment, that the Banco Sabadell project will give them more return and value than if they accept this takeover bid,» he said.
«All I will do is that, when I have the conditions given by the government, by the CNMC and the price of BBVA, finally, I will explain to the shareholders if it is a good operation,» he added.
When asked about the succession to his position at 76 years old, he replied: «I only think about one thing: the future of the bank.»
He now aims to overcome the takeover bid «and start thinking about the future project of the bank, so that it can continue to be a successful project, a project to generate value for the client, to improve, because it always has to be unhappy.»
«And, on the other hand, that I can continue to offer good value to the shareholder, to maintain our trust,» he wanted.