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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Banco de Sabadell, S.A.    SAB   ES0113860A34

BANCO DE SABADELL, S.A.

(SAB)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 01/18 11:44:25 am
0.391 EUR   +2.54%
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Spain's Sabadell asks Goldman Sachs to find buyer for Britain's TSB -sources

11/27/2020 | 08:44am EST
FILE PHOTO: Sabadell bank's logo is seen at an ATM machine outside one of the bank's branches in Madrid

* Alternatives for TSB are already underway-sources

* Apart from sale, spin-off of TSB would be another option-source

MADRID/LONDON, Nov 27 (Reuters) - Spanish bank Sabadell has asked Goldman Sachs to find a buyer for its loss-making British lender TSB, two sources told Reuters on Friday.

One of the sources said that the process was already underway and that Goldman Sachs, which was hired by Sabadell in July to explore options, had now been instructed to sell TSB, which its Spanish owner bought in 2015.

Sabadell and its bigger rival BBVA said on Friday they had called off merger talks, with Sabadell saying it would now analyze strategic alternatives for its international assets, including TSB, without elaborating.

Both Sabadell and Goldman declined to comment on TSB.

The first source did not provide any more details or a timetable of the planned divestiture.

A second source familiar with the matter said that apart from the outright sale process there were "more options" on the table, and a potential "spin-off" was also a material option.

"Selling TSB will be complicated as Sabadell might be perceived as a forced seller, whilst Sabadell looks too small to compete in retail with top banks in Spain," Spanish investment firm Alantra said of the collapse of talks with BBVA.

While several Spanish banks ventured abroad in search of higher revenues, Sabadell's purchase of TSB was marred from the start by major technology glitches.

Before entering into formal negotiations with BBVA in November, Sabadell was focusing on an efficiency plan both in Spain, with 1,800 job cuts, and at TSB.

Sabadell expects TSB to break even in 2021 after an 84 million euro loss in the third quarter.

As a part of its strategy to focus on Spain, which will be spelled out in early 2021, Sabadell said on that it would extend and transform its efficiency program in its home market. (Reporting by Jesús Aguado and Pamela Barbaglia; Editing by Ingrid Melander, Louise Heavens and Alexander Smith)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALANTRA PARTNERS, S.A. 1.52% 13.4 Delayed Quote.-0.75%
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 1.27% 4.14 Delayed Quote.1.31%
BANCO DE SABADELL, S.A. 2.33% 0.3902 Delayed Quote.7.71%
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Financials
Sales 2020 4 897 M 5 914 M 5 914 M
Net income 2020 149 M 180 M 180 M
Net Debt 2020 - - -
P/E ratio 2020 19,2x
Yield 2020 1,04%
Capitalization 2 193 M 2 649 M 2 649 M
Capi. / Sales 2020 0,45x
Capi. / Sales 2021 0,48x
Nbr of Employees 23 918
Free-Float 99,3%
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Technical analysis trends BANCO DE SABADELL, S.A.
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 0,38 €
Last Close Price 0,38 €
Spread / Highest target 44,2%
Spread / Average Target 0,56%
Spread / Lowest Target -47,5%
EPS Revisions
Managers and Directors
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
José Luis Negro Rodríguez Executive Director & Director General
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