France's BPCE has acquired a 7 percent stake in Spanish lender Sabadell in a friendly deal, aiming to become a long-term shareholder. The €1.2 billion investment follows BBVA's failed hostile takeover bid last year. BPCE, led by CEO Nicolas Namias, has been expanding internationally, including the 2025 acquisition of Portugal's Novo Banco.
The banks emphasized the friendly nature of the investment, with BPCE aiming for a board seat. Sabadell's CEO Marc Armengol stated the transaction strengthens their strategic plan. Analyst Borja Ramirez Segura at Citi called it an endorsement of Sabadell's standalone strategy.
The deal bolsters Sabadell after it rejected BBVA's €17 billion bid, arguing it would create more value independently. David Martinez, a Mexican billionaire shareholder, recently sold a 1.6 percent stake following BBVA's failed approach. BPCE, France's second-biggest retail bank formed by combining Banque Populaire and Caisse d'Epargne in 2009, seeks to reduce reliance on its domestic market.
Source: Financial Times Companies · Summarized by HeadlinesBriefing