Banc Sabadell’s corporate strategy remains unchanged. This was reaffirmed – once again – this Tuesday from Alicante by the president of the entity, Josep Oiu, in the meeting with the press prior to the shareholders meeting scheduled for today in Alicante, where the entity has had its headquarters since the crisis of the referendum in 2017. “There is nothing at all” about a purchase or merger operation in Spain, Oliu said before adding that “we are not looking for anything.” Last year rumors grew about an approach to Unicaja for a possible integration.
Oliu also cleared up any doubts about a possible change of headquarters to return to Catalonia. “For us it is neither on the table nor under the table,” he said. Regarding the third recurring issue in Sabadell’s recent corporate management (the future of the British subsidiary TSB) the response was similar: “Now there is no pressure to sell. There was pressure when it was cheap. “We are not planning to make any moves.” The bank is carrying out a restructuring at TSB with the departure of 300 workers, after which it hopes to improve profitability in the coming years.
Looking at the business for that year, the president predicted that results could be improved and cover or exceed the cost of capital. Regarding the impact of the announced drop in interest rates in the eurozone, CEO César González-Bueno said that there is no reason to modify the forecasts for business improvement. The scenario with which the bank is working is that this year there will be three cuts.
Asked about the effects that the call for the Catalan elections may have on companies, Oliu assured that “there is a dissociation between the company and the world of politics.” In his opinion, the different electoral processes “I don’t think they will affect investment activity or economic prospects, neither in Catalonia nor elsewhere.” Oliu also had words of praise for the governor of the Bank of Spain, Pablo Hernández de Cos. “I wish I could continue six more years.”
