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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  Banco de Sabadell, S.A.    SAB   ES0113860A34

BANCO DE SABADELL, S.A.

(SAB)
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Banco de Sabadell S A : Spain's Banco Sabadell hires IBM for 1 billion euro IT upgrade

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01/15/2020 | 07:27am EST
The Banco Sabadell logo can be seen behind leaves on top of a building outside Madrid, Spain

Spain's Banco Sabadell has hired IBM for a 1 billion euro ($1.11 billion) overhaul of its IT systems over the next ten years, Miguel Montes, the bank's director of operations and people, said on Wednesday.

The bank wants to makes its computer systems leaner and more efficient to handle more data and transactions from customers´ mobile phones, said Montes.

The bank intends to set up new services for its customers such as account aggregation, credit risk assessment and cash pooling, he said, adding Sabadell will pay around 100 million euros a year to IBM.

The U.S. tech firm is offering hybrid cloud services developed by its recently acquired Red Hat unit, said Marta Martinez, IBM's head for Spain, Portugal, Greece and Israel.

Traditional banks are investing huge amounts to upgrade their IT systems to keep up with the rising competition from new on-line banks which, with no branches and no physical infrastructure, are able to offer cheap, mobile-only banking services.

IBM will also help Sabadell's U.K. bank TSB, which experienced severe IT glitches in the past years.

The bank will open a new technology center in Edinburgh where it will handle all the British unit's data.

(Reporting by Inti Landauro, editing by Louise Heavens, Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
BANCO DE SABADELL, S.A. -1.85% 0.9462 End-of-day quote.-9.02%
EURO / ISRAELI NEW SHEKEL (EUR/ILS) 0.11% 3.8102 End-of-day quote.-1.62%
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Financials (EUR)
Sales 2019 4 961 M
EBIT 2019 1 765 M
Net income 2019 799 M
Debt 2019 -
Yield 2019 5,11%
P/E ratio 2019 6,80x
P/E ratio 2020 7,12x
Capi. / Sales2019 1,06x
Capi. / Sales2020 1,07x
Capitalization 5 240 M
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Technical analysis trends BANCO DE SABADELL, S.A.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 1,08  €
Last Close Price 0,95  €
Spread / Highest target 71,2%
Spread / Average Target 14,1%
Spread / Lowest Target -41,9%
EPS Revisions
Managers
NameTitle
Jaime Guardiola Romojaro Managing Director & Executive Director
Josep Oliu Creus Executive Chairman
Rüdiger Schmidt Head-Global Information Technology & Operations
Tomás Varela i Muiña General Manager & Head-Finance
María Teresa García-Milà Lloveras Independent Non-Executive Director
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