banc sabadell

Catalan Banc Sabadell has made €1.27 billion from the sale of 7,700 properties during the first half of 2013

August 1, 2013 03:26 PM | ACN

The real estate subsidiary of Catalonia’s second largest financial entity, Solvia, increased sales by 56% compared to last year’s same period. The company posted its provisional results for the first half of the year, although it has decided to extend its seasonal sales campaign until the 15th of August due to the high demand. Banc Sabadell made €1.27 billion from the sale of 7,747 properties. The forecast for the whole year is to sell 16,000 properties. Statistics released by the bank show that 15% of buyers are non-resident foreigners while 33% purchase to invest.

Banc Sabadell pays AEGON €450 million for 50% of the insurance company Mediterraneo Vida

May 4, 2013 12:21 AM | CNA

The Catalan financial entity Banc Sabadell reached an agreement with the Dutch insurance company AEGON on Friday to buy 50% of the shares of Mediterráneo Vida, S.A. de Seguros y Reaseguros, the joint venture originally established with Caja de Ahorros del Mediterráneo. The operation is on the condition that they receive the green light from the regulatory authorities. The transaction will allow Banc Sabadell to own 100% of Mediterráneo Vida, S.A. With the operation, the Catalan bank will move forward in the organisation of its insurance subsidiaries and affiliates.

Lloyds buys 1.8% of Banc Sabadell by transferring its Spanish subsidiaries to the Catalan bank

April 30, 2013 12:25 AM | CNA

The Catalan Banc Sabadell has bought all the shares in the Lloyds subsidiary companies in Spain: Lloyds Bank International and Lloyds Investment. Banc Sabadell paid €84 million that will be paid through giving 53.75 million shares in the Catalan bank to the British banking giant. This way, Lloyds will control 1.8% of Banc Sabadell’s total shares. The agreement foresees than the UK group will become a “stable shareholder”, since Lloyds has committed to keeping the stocks for at least two years. With the operation, the Catalan bank will control the Lloyds retail and investment businesses in Spain, where the UK company has 28 branches, €1.79 billion in loans and €760 million in deposits.

Rafael Nadal wins the Barcelona Open Banc Sabadell defeating Nicolás Almagro (6-4, 6-3) in an all-Spanish final

April 29, 2013 10:11 PM | Marc Ferragut / Laura Barrio Aguilar

Nadal has won the 61st Conde de Godó Trophy in front of his home crowd in the Reial Club de Tennis Barcelona for the eighth time. Despite a poor start, the Mallorcan beat Nicolás Almagro in two sets: 6-4, 6-3 in an hour and 32 minutes. The tournament was conditioned by the rain during the whole week and the final itself was almost suspended. Alexander Peya and Bruno Soares won in the doubles final against Robert Lindstedt and Daniel Nestor. It’s the eighth time that Nadal has won the Conde de Godó Trophy, an ATP World Series 500 tournament.

61st Barcelona Open Banc Sabadell starts with Rafael Nadal, David Ferrer and Thomas Berdych on the court

April 22, 2013 05:57 PM | Marc Ferragut

The Barcelona tennis tournament known as the Conde de Godó Trophy is an ATP World Tour 500 event and one of the most important on the clay court circuit. From April 20th to the 28th the top 10 players Nadal, Ferrer and Berdych will meet in the Catalan capital. Nicolás Almagro, Juan Mónaco or rising stars like Milos Raonic and Kei Nishikori are also on the list. Marcel Granollers and Marc López will compete in the doubles tournament on the clay of the Real Club de Tennis Barcelona.

Banc Sabadell will buy Banco Gallego for 1 euro after a €245 million injection of public money

April 20, 2013 12:52 AM | CNA

On Wednesday it became known that the Catalan Banc Sabadell would acquire Banco Gallego from the Spanish Fund for Orderly Banking Restructuring (FROB). However, the details of the operation were still being discussed and no detailed information was disclosed. On Friday, it was stated that the FROB – owned by the Spanish Government and the Bank of Spain – will inject €245 million of public money into Banco Gallego. In exchange, Banc Sabadell will buy the financial entity for the symbolical price of 1 euro but will take care of all the potential future losses.

The Catalan Banc Sabadell to acquire the Banco Gallego

April 18, 2013 01:07 AM | CNA

The offer, presented by Banc Sabadell, has won the tender for the acquisition of Banco Gallego, which was nationalised and owned by the Spanish Fund for Orderly Bank Restructuring (FROB). Banco Gallego was partially owned by Novagalicia Banco, the private bank resulting from Nova Caixa Galicia. The FROB has announced its decision although it also explained that the final details are still “being negotiated”. In the last year and a half, Banc Sabadell has bought the former Caja de Ahorros del Mediterráneo, the business activity of Caixa Penedès (part of Banco Mare Nostrum) and now Banco Gallego.

Banc Sabadell posts €81.9 million profit in 2012, 64.7% less than last year

February 11, 2013 07:30 PM | CNA / Rosa Soto

The Catalan Banc Sabadell finished 2012 with positive results and net benefits of €81.9 million. Banc Sabadell has now reached 5th position among the Spanish financial entities in the last economic exercise due to its assets valued at €175 billion. However, this figure shows a 64.7% drop in benefits in comparison to 2011. The main reason for the decrease is the €2.54 billion for provisions, 142.2% more than 2011. The President of Banc Sabadell, Josep Oliu, emphasised the company’s solvency and spoke of its capacity to buy additional entities in the international market.

Banc Sabadell places €1 billion in five-year covered bonds in less than two hours

January 11, 2013 09:57 PM | CNA

The Catalan bank has issued debt securities for €1 billion that attracted a demand of €3.4 billion. As other multinational companies such as CaixaBank and Gas Natural Fenosa did this week, Banc Sabadell is profiting from the lower spread in order to pay lower interest rates than they were a few months ago. The Catalan private bank has obtained a spread of 250 basis points over the midswap rate, which is a better interest rate than that obtained by the Spanish Treasury in its recent operations.

Banc Sabadell to buy the Catalan savings bank Caixa Penedès

December 18, 2012 10:14 PM | CNA

Banc Sabadell and Banco Mare Nostrum have reached a definitive agreement over the transfer of Caixa Penedès’ territorial network and business in Catalonia and Aragon to the Catalan bank. After this has been completed, Banc Sabadell will strengthen its retail banking activity and will have the fourth largest network of branches in Catalonia. The bank will increase its commercial network in Catalonia by 92% and will incorporate 462 branches, 900,000 clients and 2,000 workers. Caixa Penedès was a medium-sized savings bank in Catalonia. In 2010 it took part in a ‘cold merger’ with 3 other Spanish savings banks and in 2011 they created Banco Mare Nostrum.

Catalunya Banc’s selling proceedings re-start

November 16, 2012 11:35 PM | CNA

The Spanish Fund for Orderly Bank Restructuring (FROB), which is run by the Bank of Spain and the Spanish Government, has announced that it will re-start the auction proceedings to sell Catalunya Banc and Banc de València. The selling process was temporarily frozen on the 21st of June, so as to wait for a calmer financial environment. The FROB decided to put the auction on hold, in order to wait for the results of the two independent audits on Spain’s banking system made by Oliver Wyman and Roland Berger. In June, Catalunya Banc’s auction was only pending the final offers by six financial entities to be completed. In September 2011, the FROB took control of Catalunya Banc, which de facto was nationalised.

Spanish banking system’s stress tests show that CaixaBank and Banc Sabadell do not need additional funds

September 29, 2012 02:00 PM | CNA

However, CatalunyaBanc would need a maximum of €10.83 billion in the most stressed scenario. According to the independent audit by Oliver Wyman, with KPGM, Deloitte, PwC and Ernst & Young, the Spanish banking system would need a maximum of €53.75 billion in the worst case scenario. 4 banking groups would concentrate 86% of these additional funds. In total, 7 banking groups would need additional funds, while 7 groups would be strong enough, with their own resources, to resist a hypothetical scenario with a 6.5% recession between 2012 and 2014, 27% unemployment, a 85% drop in land prices and a 55% decrease in housing prices.

Banc Sabadell’s President defends the work of the current Bank of Spain Governor

May 31, 2012 12:23 AM | CNA / Josep Molina

Josep Oliu, President of Banc Sabadell, thinks that if somebody is to be made responsible for the current crisis, a thorough analysis of the decisions of sector managers during the 2003-2007 period should be made, and not among those currently in charge. Oliu, who has been a banker “all his life”, feels he is a “victim” of a situation provoked by managers who were “not acting as bankers”. The Catalan banker recognised that the Spanish banking system can still face the new requirements on its own but it is getting “closer to the limit of its own economic capacity”. Besides, Oliu was very satisfied with the European Commission’s green light for CAM’s integration into Banc Sabadell’s business.

Banc Sabadell earns €80 million in the first quarter of 2012 after reaching a solvency rate of 11.88%

April 27, 2012 12:17 AM | CNA

During the first quarter of the year, the Catalan bank placed €293 million in provisions to strengthen its financial position. Despite the provision, Banc Sabadell had a net profit of €80 million in the first 3 months of 2012, which represents a 5% decrease when compared to the same period last year. The CEO of Banc Sabadell said that creating a “bad bank” in Spain to manage real estate assets is “unnecessary”, as the Catalan bank is “self-sufficient” and is “satisfied” with the management of its own real estate assets.