He raised walls last May against a future merger after negotiations with his union and a new strategic plan fell through.
The idea is clear: to gain efficiency and profitability, after a bad year of the pandemic, by promoting digitization, slimming down the structure (the second hand in hand with the first) and anchoring the UK business with the storm of its already technological integration. cleared However, in the face of continuous messages from his directors, especially from the CEO, César González-Bueno, that the board is closed to mergers, the ink does not penetrate the market, which continues to point to sales or mergers. Analysts insist that the bank encourages TSB for a future divestment when it has enough potential not to sell at a loss (or not as many), while at the group level they persevere that BBVA and Sabadell will seek union again.
Despite the fact that the entity of Catalan origin is moving forward looking to avoid seeing merger messages out of the corner of its eye, the medium-term profitability objectives that it has set leave it well below its peers. The bank projects a ROTE of 6% at the end of 2023, while the rest of the entities place it above 8%, climbing beyond 12% in the case of the three large banks (Santander, BBVA and CaixaBank). BBVA, which recorded capital gains of 8,500 million after the sale of its US subsidiary, is currently running out of ammunition for a purchase after announcing one that could amount to 2,200 million and allocate 7,000 million between 2021 and 2022 to remunerate the shareholder. Even so, the blue bank will continue with excess capital of more than 2,000 million (insufficient to take over Sabadell, which has already requested a figure of more than 2,500 million), although its plans after completing the purchase of Garanti will bring it an extra 1,500 million in capital per year. It remains to be seen then, once Sabadell and BBVA fulfill their short-term plans, if they sit down at the same table again.
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