Foment del Treball expressed its support for Banco Sabadell on Monday, following the bank’s decision to reject a merger with BBVA. The information came from sources within the business federation, as reported by Europa Press.
Banco Sabadell’s board of directors dismissed the proposal to unite with the Basque entity, BBVA. The board explains this by stating it believes that the bank will generate more value independently. They also believe that BBVA’s offer significantly undervalues Sabadell’s project.
According to the same sources, the Catalan business federation backed the decisions made by Banco Sabadell today. They stand firmly in support of their choice to reject the merger with BBVA and pursue their project independently.
The business federation deems that the choice to remain independent can lead to creation of more value for Banco Sabadell which is seen to be significantly undervalued by the BBVA merger offer.
