The president of Banc Sabadell, Josep Oliu, today ruled out “subsequent repercussions” for the Spanish banks due to the financial storm that has kept the markets in revolution for a couple of weeks, especially in Europe. In an informative meeting with the press held in Alicante, Oliu added that neither the Spanish nor the European banks have a solvency problem. “It makes no sense to think that it could have any repercussions,” he stressed.
The CEO César González-Bueno has listed the good solvency ratios of the entity. The entity’s chief executive has said that the bank “has no exposure to Credit Suisse.”
In recent weeks, the bankruptcy of two small banks in the United States and the collapse of the European Credit Suisse once again brought instability in the financial sector that resulted in large losses in prices that are timidly recovering yesterday and today.
Oliu has praised the role of the European Central Bank (ECB) in this crisis because it has made the right decisions such as maintaining the rise in rates, guaranteeing liquidity to the banks or allowing the payment of dividends by the banks to continue.
Banc Sabadell today held a meeting with the press prior to the Shareholders’ Meeting that will take place tomorrow. The bank born in Sabadell moved its headquarters to Alicante in October 2017 amid the instability created in Catalonia with the independence referendum.
Oliu is expected to be re-elected president of the entity on the Board. The 73-year-old banker has held that position since 1999. When asked by journalists, the president has insisted, as he did last year, that there are no circumstances that justify returning the headquarters to Sabadell. “This matter is not on the table. It is not an issue that has been raised nor do we have it on the agenda,” according to Oliu. “I don’t know what the conditions are (to return the venue to Sabadell), but they haven’t been met yet,” he added.
Banc Sabadell earned 859 million euros last year, 61.9% more than the previous year. The improvement was due to the reduction in costs, the improvement in margins due to the increase in rates, in addition to the improvement of the British subsidiary TSB.
