Banco Sabadell
2024
$16.2B
Why
BBVA launched a hostile $16 billion ($16.2 billion) takeover bid for Banco Sabadell to achieve critical scale in the Spanish mortgage market and generate $872 million ($864 million) in annual cost synergies by eliminating redundant IT infrastructure and branch networks.
Impact
The acquisition added 11 million customers and $196 billion ($194.4 billion) in assets to the bank’s Spanish franchise, establishing BBVA as the undisputed leader in the Catalan and Valencian regional markets and increasing the Spanish franchise's ROE to 15 percent.
Outcome
The Sabadell integration is expected to generate $872 million ($864 million) in annual cost savings through the consolidation of data centers and the elimination of redundant branch networks by 2028, while simultaneously increasing the cross-sell ratio of the bank’s Spanish retail customer base by 22 percent.