sabadell

Annual performing arts event will offer 122 shows for the under-fives around the country from November 10 to 25

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Ara newspaper says state authorities and crown put orchestrated pressure on firms to flee the country immediately after October referendum

Ara newspaper says state authorities and crown put orchestrated pressure on firms to flee the country immediately after October referendum

Future Humans creates fashion from recycled materials going against grain of second most polluting industry on planet

CaixaBank and Banc Sabadell close 2017 with big turnover, despite crisis between Catalonia and Spain

Protesters at November 10 demonstration demanded the incarceration of Carles Puigdemont and resignation of Sabadell’s mayor

Spanish government preparing new law to facilitate relocation of companies and banks outside of Catalonia

The 65th edition of the Barcelona Open Banc Sabadell -commonly called the Conde de Godó tournament- has begun this weekend and runs through until the 30th April. The tournament goes back a long way as it was held for the first time in 1953. The competition is organized by the Barcelona Royal Tennis Club (RCTB) and has a big impact on the city of Barcelona and the European clay court circuit given the presence each year of club member Rafael Nadal. In this 2017 edition, the Godó can count on the presence of world number one Andy Murray and Henri Kontinen, the leading players on the ATP single and doubles rankings respectively.

The Catalan banking group Banc Sabadell earned €708.4 million in 2015, according to figures published by the company. This result is 90.6% higher than that obtained in 2014. The good result of Banc Sabadell in 2015 is mainly due to the integration of the UK bank TSB in June, which added accounts worth €122 million. Without this operation, Banc Sabadell’s net profits would only had grown by 57.8%. Thus, net interest income, which measures the bank’s ordinary activity of receiving deposits and authorising credit, was €3.203 billion, 41.7% higher than in 2014. The internationalisation of Banc Sabadell has already been consolidated and 32% of the credits were authorised abroad. In 2014, this percentage was 6%. The default rate, which has dropped to 7.79%, 5 points less than in 2014, also contributed to Banc Sabadell’s positive result.

The Catalan bank Sabadell has completed the process of compulsory acquisition of all TSB Banking Group (TSB) shares, thereby taking ownership of 100% of this British entity’s share capital. The move completes the takeover started last spring, when TSB accepted the 1.7bn-pound offer made by Banc Sabadell. Through buying TSB, Banc Sabadell has expanded its international presence, with its percentage of foreign assets growing from 5% to 22%. TSB has 631 branches, 4.6 million customers and 8,600 employees in the United Kingdom.

Last April, Banc Sabadell filed a takeover offer on 100% of the shares of the UK lender TSB, partially owned by LLoyds. On Monday, the Catalan bank announced it had already exceeded the 75% minimum bid of the takeover offer, reaching 81.23% of TSB shares. However, this percentage is still likely to increase in the upcoming days, since there are 14 remaining days till the end of the takeover's acceptance period. In order to fund the transaction, the Catalan corporation will carry out a €1.61 billion capital increase (€1,607 million). Current shareholders have a preference call in this capital increase. Banc Sabadell, is one of the few banks to emerge stronger from a financial crisis that has redrawn Spain’s banking sector. Unlike many of its Spanish rivals, the bank is in good shape reporting a 50% increase in annual profits at the end of 2014 to €371.7 million. Since 2007, it has doubled in size and is now Spain’s 5^th largest bank. It achieved this mainly through an energetic programme of acquisitions in Spain and abroad. 

The Catalan Police Force, Mossos d'Esquadra, detained on Wednesday in several cities across Greater Barcelona 11 people who were allegedly forming an Islamic terrorist cell. The cell was "operational" and "wanted to attack in Catalonia", according to the Catalan Minister for Home Affairs, Ramon Espadaler. The alleged terrorists were "clearly connected to the Islamic State" and "supported its ideology", emphasised Espadaler. The cell "had 3 objectives": "recruiting young people and radicalising them", "sending some of these young people to Syria and Iraq", and preparing an attack in Catalonia. Despite this information, Espadaler highlighted that "at no time has this cell generated any kind of danger, as it has been under investigation and police surveillance for the last 13 months".

Last week, TSB announced Banc Sabadell's interest in purchasing all of the shares of the British bank, which is partially owned by Lloyd's. The board of the 6^th largest bank in the United Kingdom then said they would welcome the Catalan bank's takeover bid, which they set at £3.40 per share (equivalent to €4.80). This meant that Banc Sabadell would buy TSB for £1.7 billion, or €2.4 billion. At that time, the Catalan bank denied any definitive agreement had been reached and simply confirmed that there were some talks in progress. A week later, Banc Sabadell has finally announced and approved the takeover bid, on the same terms released last week. In order to fund the transaction, the Catalan corporation will carry out a €1.6 billion increase in capital. This purchase will significantly strengthen Banc Sabadell's internationalisation, dramatically increasing its presence in the UK and in London's financial circles.

TSB, which is the seventh-largest bank in the United Kingdom, confirmed on Wednesday that they have received a preliminary takeover bid of £1.7 billion (equivalent to €2.35 billion) filed by Banc Sabadell. The Catalan bank would have offered £3.40 per share (€4.80) and would be ready to buy the entire British financial entity, 50% of which is still owned by Lloyds. Sources from Sabadell have confirmed takeover talks, but they stressed that they are still preliminary in nature. After the news was released, shares of TSB increased by 26.4% while those of Banc Sabadell dropped by 7.5%, causing the Spanish Stock Exchange Authority (CNMV) to temporarily suspend trading in the Catalan bank. When Banc Sabadell returned on the stock market, its shares continued to decrease, dropping by 10.5%, but they partially recovered and ended the day with a 6.6% loss.