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SearchThe French group will be able to increase its stake to 9.9% and expects to have representation on the board. The two entities will explore commercial agreements, while the transaction fuels interpretations about the stability of Sabadell’s shareholder base after BBVA’s takeover bid.
The French banking group BPCE has acquired a 7% stake in Banco Sabadell in a transaction that both entities describe as friendly and linked to a long-term relationship. The stake could increase to a maximum of 9.9%. Based on Sabadell’s share price at the close of the session before the announcement, the investment was valued at around 1,200 million euros.
The agreement provides for BPCE to be represented on Sabadell’s board of directors by one director. At the same time, both entities plan to explore opportunities for commercial cooperation. The transaction comes less than a year after BBVA’s attempted acquisition of Sabadell, which did not go ahead.
The banks expect to formally begin discussions on possible agreements in early 2027. The areas identified are corporate and investment banking, equipment leasing, consumer credit, and services for customers with international operations.
For now, these are areas the entities will study, not commercial agreements that have already been concluded. Their stated aim is to identify ways to cooperate that could support Sabadell’s development in Spain and strengthen BPCE’s European presence. No terms, business volumes, or expected results have been specified.
Sabadell chairman Josep Oliu welcomed BPCE as an investor and said that its entry recognized the strength of the bank’s independent project. He also said that the French group’s presence strengthens the stability of the shareholder base. Chief executive Marc Armengol argued that the transaction would contribute to Sabadell’s ability to implement its strategic plan. For his part, Nicolas Namias, BPCE’s chief executive, framed the investment within the French group’s European growth and diversification strategy.
BPCE’s entry has been interpreted in various reports as strengthening Sabadell’s core of stable shareholders, alongside Zurich’s stake of close to 5%, as the bank’s partner in the insurance sector. This reading links the transaction to greater protection against future unsolicited offers, following BBVA’s attempt. However, it does not amount to a guarantee that a future takeover bid could not be made or succeed: the available reports do not describe a blocking agreement or a joint voting commitment between BPCE and Zurich.
Sabadell presents the investment as friendly and consistent with its standalone strategy. The stake and board representation are elements of the agreement that have been communicated; the role of the transaction as a defence against possible future offers is an interpretation of its effect on the shareholder structure, not a formal objective confirmed by the entities.
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