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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Banco Bilbao Vizcaya Argentaria, S.A.    BBVA   ES0113211835

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(BBVA)
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Spanish Lenders BBVA and Sabadell Abandon Merger Talks -- Update

11/27/2020 | 04:54am EST

By Patricia Kowsmann

Banco Bilbao Vizcaya Argentaria SA, Spain's second-largest lender by assets, and smaller peer Banco de Sabadell SA ended their merger talks because of disagreements over pricing, underlining that consolidation in Europe's fragmented banking system remains complicated.

The banks disclosed the talks less than two weeks ago. BBVA said on Nov. 16 that it was conducting due diligence on Sabadell after agreeing to sell its operations in the U.S. to Pittsburgh-based PNC Financial Services Group Inc. for $11.6 billion.

European banks have faced intensifying pressure to merge as they struggle to make money in a negative-rates environment and as the pandemic pummels the economy. Shares of most of the region's lenders have fallen sharply this year, with Sabadell -- with its exposure to corporates and small businesses in Spain -- declining more than 60%.

Sabadell's shares were down 13% Friday morning, while BBVA's were up close to 3%.

Another duo of Spanish lenders, CaixaBank SA and Bankia SA, agreed to merge in September. In Italy, Intesa Sanpaolo SpA is buying smaller rival UBI Banca SpA. A small Italian cooperative bank, Credito Valtellinese SpA, is currently considering an acquisition offer from France's Credit Agricole SA, which has operations in the country. Regulators are hopeful for more deals, which would provide the scale banks need to be profitable in a sector where costs remain high.

Sabadell said Friday that its board unanimously agreed to end talks with BBVA given the lenders didn't reach an agreement on the exchange ratio of their shares. It said it would launch a strategic plan early next year focusing on its domestic business. The bank added that it would analyze alternatives for its U.K. unit, TSB Banking Group.

BBVA also said the talks were off. The bank said earlier this month that it could buy back shares with the proceeds of its U.S. sale and still have plenty to grow in its key markets, which include Mexico and Turkey.

Spanish banks were hit hard during the sovereign-debt crisis of the last decade because of their exposure to a troubled construction sector. Since then, most have sold off large portfolios of souring loans, cleaning up their balance sheets more than those in Italy or Portugal.

Spain's largest bank, Banco Santander SA, which has big operations abroad, has stayed away from mergers so far. In 2017, it bought a collapsing lender in the country with considerable operations.

Write to Patricia Kowsmann at patricia.kowsmann@wsj.com

(END) Dow Jones Newswires

11-27-20 0453ET

Stocks mentioned in the article
ChangeLast1st jan.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. -2.03% 3.864 Delayed Quote.-2.26%
BANCO DE SABADELL, S.A. -1.22% 0.3638 Delayed Quote.4.10%
BANCO SANTANDER, S.A. -2.51% 2.469 Delayed Quote.-0.22%
BANKIA, S.A. -2.32% 1.346 Delayed Quote.-4.90%
CAIXABANK, S.A. -2.11% 1.9695 Delayed Quote.-4.24%
INTESA SANPAOLO S.P.A. -1.49% 1.8114 Delayed Quote.-3.82%
PNC FINANCIAL SERVICES GROUP, INC. -1.60% 148.06 Delayed Quote.-0.63%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.52% 7.38386 Delayed Quote.-1.08%
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Financials
Sales 2020 23 145 M 28 020 M 28 020 M
Net income 2020 811 M 981 M 981 M
Net Debt 2020 - - -
P/E ratio 2020 31,6x
Yield 2020 1,48%
Capitalization 26 180 M 31 841 M 31 693 M
Capi. / Sales 2020 1,13x
Capi. / Sales 2021 1,22x
Nbr of Employees 124 110
Free-Float 99,8%
Chart BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
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Technical analysis trends BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 4,24 €
Last Close Price 3,94 €
Spread / Highest target 39,5%
Spread / Average Target 7,53%
Spread / Lowest Target -49,9%
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Managers and Directors
NameTitle
Onur Genç Chief Executive Officer & Director
Carlos Torres Vila Group Executive Chairman
Jaime Saenz de Tejada Pulido Chief Financial Officer & Global Head-Finance
Carlos Loring Martínez de Irujo External Director
José Maldonado Ramos External Director