Announcement • Oct 17

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB)

Announcement • Sep 12

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB).

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) made an offer to acquire Banco de Sabadell, S.A. (BME : SAB) for €11.5 billion on April 30, 2024. As consideration, 1 newly issued BBVA share will be issued for every 4.83 Banco Sabadell shares. After the merger, Banco Sabadell shareholders would have a 16% stake in the resulting entity. Post completion of the acquisition, the management team of the resulting entity would be made up of executives from both banks. The merged entity would have one of its Group’s operational headquarters in Catalonia, which would be established at Banco Sabadell's corporate center in Sant Cugat. The corporate name and brand would be BBVA, the use of Banco Sabadell brand would be maintained, together with the BBVA brand, in those regions or businesses where it may have relevant commercial interest. The merger would be subject to obtaining the relevant authorizations or declarations of non-opposition from the competent supervisors (in particular, the authorisation of the Ministry of Economy, Trade and Enterprise) and from the competition authorities with jurisdiction (in particular, the Comisión Nacional de los Mercados y la Competencia). The terms in this proposal have been approved by BBVA's Board of Directors. As of May 6, 2024, BBVA cancelled the acquisition of Banco de Sabadell, S.A. as the Board believes that the Proposal significantly undervalues the potential of Banco Sabadell and its standalone growth prospects. The decision to re-launch the Offer was adopted by a resolution approved by the Offeror’s Board of Directors at its meeting held on May 8, 2024. As of May 9, 2024, the terminated transaction re-opened with same terms offered by BBVA's attractive offer to Banco Sabadell shareholders contains the same financial terms of the merger that was offered to its Board of Directors on April 30th: an exchange of one newly issued BBVA share for every 4.83 of Banco Sabadell. As of May 9, 2024, BBVA expects the technological integration to take between 12 and 18 months. The new proposal is subject to acquiring more than 50.01 percent of Banco Sabadell, the approval of the Shareholders’ General Meeting, and the approvals of the Spanish Market and Competition regulator (CNMC) and the U.K.’s Prudential Regulation Authority, the most important are, of course, ECB and the CNMV and the CNMC, the antitrust authorities in Spain. The closing of the operation is expected to take between six to eight months, once regulatory authorizations have been obtained. As of May 9, 2024, the Board of Directors of BBVA has approved the offer. As of May 21, ECB supported the merger between BBVA and Sabadell, which would facilitate the merger process. As of May 22, 2024, BBVA has appointed public relations firm Kreab to sway government and to influence the public to perceive BBVA’s bid in a positive way on Sabadell bid. According to BBVA estimates, this transaction is accretive in earnings per share (EPS) from the first year after the merger, achieving an EPS improvement of approximately 3.5% once the savings associated with the merger are materialized with tangible book value per share accretion of 1%, nearly 1%, 20% return on invested capital, which are estimated at around €850 million before taxes and all of this with a very limited capital impact of around 30 basis points. As of May 31, 2024, BBVA has agreed to call Extraordinary General Shareholders' Meeting and will be held on July 4, 2024 and on July 5, 2024. As of May 24, 2024, BBVA bank formalized its hostile bid for Banc Sabadell by submitting the request for approval to the Spanish stock market regulator (CNMV). BBVA must obtain also the European Central Bank and the Spanish CNMC approval. As of June 11, 2024, The National Securities Market Commission (CNMV) has admitted to processing BBVA's request for approval of its takeover bid for Banc Sabadell. The regulator noted that this step does not imply "any pronouncement" on the resolution regarding the authorization of the offer. The Commission will not authorize the financial transaction until the "non-opposition" of the European Central Bank is confirmed. On July 5, 2024, BBVA will hold an extraordinary BBVA shareholders’ meeting with the purpose of approving a capital increase, thus moving forward with Banco Sabadell’s offer. On May 6, 2024, The board cancelled the deal because the board believes that the Proposal significantly undervalues the potential of Banco Sabadell and its standalone growth prospects. Based on the detailed assessment of the Proposal, the Board has concluded that it is not in the best interest of Banco Sabadell and its shareholders and has therefore rejected BBVA’s Proposal. As of June 25, 2024, Institutional Shareholder Services recommends that BBVA shareholders approve the extension of the takeover bid for Sabadell. As of September 2, 2024, BBVA received the authorization from the Prudential Regulation Authority (PRA) for BBVA´s indirect acquisition of control of TSB Bank plc, Banco Sabadell’s banking subsidiary in the United Kingdom, as a result of the Offer. As of September 5, 2024, BBVA has received the decision of non-opposition from the European Central Bank to BBVA's taking control of Banco Sabadell, as a result of the Offer. The bank will also need the approval of Spain's antitrust watchdog CNMC and its stock market supervisor for the bid to go through. As on October 1, 2024, adjustment in the terms set forth in the prior announcement, the consideration offered by BBVA to the shareholders of Banco Sabadell under the Offer is adjusted to 1 newly issued ordinary share of BBVA and €0.29 in cash for 5.0196 ordinary shares of Banco Sabadell. As of November 11, 2024 The Spanish CNMC is expected to delay its final decision on BBVA's bid. As of November 12, 2024, BBVA has received the resolution of the CNMC in which it decides to initiate the second phase of the analysis of the economic concentration resulting from the Offer. The effectiveness of the Offer is contingent upon obtaining the authorization from the CNMC. BBVA has submitted a series of commitments to Spain's CNMC to address antitrust concerns regarding its proposed merger with Banco Sabadell. As of November 26, 2024, European Commission has approved the deal. As on December 5, 2024, The National Securities Market Commission (CNMV) has concluded that it will approve offer of BBVA over Banco Sabadell when the Competition Commission completes its analysis of the operation. As of December 23, 2024, The Mexican Federal Economic Competition Commission approved the deal. As of January 31, 2024, The Basque Competition Authority does not see any risk in the BBVA takeover bid for Sabadell for Euskadi transaction and would not place the resulting entity in a position of competitiveness. As on February 6, 2025, The Sabadell Chamber of Commerce announced that it will appeal the decision of the CNMC to deny it representation as an interested party in the resolution of the hostile takeover bid by BBVA for Banco Sabadell. As of April 8, 2025, The Sabadell Chamber of Commerce has sent a formal request to be consulted in the market test being prepared by the National Commission for Markets and Competition regarding BBVA's takeover bid for Banco Sabadell. As of April 16, 2025, Pimec urges National Commission of Markets and Competition not to authorize BBVA's takeover bid for Sabadell. As of April 30, 2025, The National Commission for Markets and Competition has approved BBVA's hostile takeover bid for Banco Sabadell. Spanish finance ministry will now have two weeks to analyze the situation before submitting it to weekly cabinet meeting. As of June 25, 2025, Government has set conditions for BBVA's takeover bid for Sabadell, vetoing the merger in practice. In addition to financing and employment, the Council of Ministers will prevent BBVA from merging Sabadell and preventing both entities from operating autonomously for a minimum of three years. Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB) on September 12, 2025. Banco Sabadell’s Board of Directors has unanimously recommended that its shareholders reject BBVA’s share exchange offer. The bank submitted its board report to the Spanish securities regulator (CNMV). Evercore, Goldman Sachs and Morgan Stanley acted as financial advisers to Banco de Sabadell. The report concludes that “the best option for shareholders is not to accept the offer.

Banks earnings growth	10.9%
Revenue growth rate	7.7%
Future return on equity	12.92%
Analyst coverage	Good
Last updated	03 Jun 2026

Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	5,591	1,692	N/A	N/A	14
12/31/2027	5,368	1,607	N/A	N/A	14
12/31/2026	5,236	1,647	N/A	N/A	14
3/31/2026	4,286	1,105	N/A	N/A	N/A
12/31/2025	4,411	1,247	1,067	1,678	N/A
9/30/2025	5,889	1,824	N/A	N/A	N/A
6/30/2025	4,361	1,556	-2,124	-1,592	N/A
3/31/2025	4,316	1,553	N/A	N/A	N/A
12/31/2024	4,391	1,372	-11,616	-11,064	N/A
9/30/2024	5,216	1,427	N/A	N/A	N/A
6/30/2024	5,149	1,388	-894	-353	N/A
3/31/2024	5,155	1,320	N/A	N/A	N/A
12/31/2023	4,985	1,217	-11,056	-10,523	N/A
9/30/2023	5,006	1,218	N/A	N/A	N/A
6/30/2023	4,765	1,071	-14,969	-14,482	N/A
3/31/2023	4,357	844	N/A	N/A	N/A
12/31/2022	4,343	779	-7,061	-6,628	N/A
9/30/2022	4,145	781	N/A	N/A	N/A
6/30/2022	4,279	613	-1,924	-1,489	N/A
3/31/2022	4,239	557	N/A	N/A	N/A
12/31/2021	4,064	430	11,837	12,339	N/A
9/30/2021	4,161	76	N/A	N/A	N/A
6/30/2021	3,797	-16	16,366	16,983	N/A
3/31/2021	3,623	-100	N/A	N/A	N/A
12/31/2020	3,660	-71	19,772	20,421	N/A
9/30/2020	3,480	3	N/A	N/A	N/A
6/30/2020	3,736	197	7,091	7,881	N/A
3/31/2020	4,014	526	N/A	N/A	N/A
12/31/2019	4,253	695	N/A	-10,395	N/A
9/30/2019	4,465	812	N/A	N/A	N/A
6/30/2019	4,534	688	N/A	-781	N/A
3/31/2019	4,131	276	N/A	N/A	N/A
12/31/2018	4,225	277	N/A	-3,527	N/A
9/30/2018	4,242	372	N/A	N/A	N/A
6/30/2018	4,341	448	N/A	3,974	N/A
3/31/2018	4,850	774	N/A	N/A	N/A
12/31/2017	4,804	778	N/A	12,723	N/A
9/30/2017	4,908	717	N/A	N/A	N/A
6/30/2017	4,673	736	N/A	4,810	N/A
3/31/2017	4,572	675	N/A	N/A	N/A
12/31/2016	4,646	710	N/A	4,149	N/A
9/30/2016	4,346	776	N/A	N/A	N/A
6/30/2016	4,320	781	N/A	-2,175	N/A
3/31/2016	3,840	786	N/A	N/A	N/A
12/31/2015	3,712	708	N/A	1,609	N/A
9/30/2015	3,474	588	N/A	N/A	N/A
6/30/2015	2,997	497	N/A	5,438	N/A

Data	Last Updated (UTC time)
Company Analysis	2026/06/29 17:19
End of Day Share Price	2026/06/26 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jesús Gómez Dominguez	Banco Santander
Thomas Andrew Rayner	Barclays
Cecilia Romero Reyes	Barclays

Banco de Sabadell Future Growth

Future criteria checks 2/6

Key information

Recent future growth updates

Price target increased by 8.5% to €2.48

Price target increased by 8.2% to €1.83

Price target increased by 7.0% to €1.59

Consensus EPS estimates increase by 18%

Consensus EPS estimates increase by 17%

Price target increased to €0.96

Recent updates

Now 21% undervalued

Banco de Sabadell, S.A. to Report Q2, 2026 Results on Jul 24, 2026

SAB: Lowered Price Assumptions Will Expose Execution And Earnings Quality Risks

SAB: Lower Price Assumptions Will Expose Fragile Earnings And Margin Risks

Investor sentiment deteriorates as stock falls 17%

New minor risk - Share price stability

Banco de Sabadell Joins Qivalis Euro Stablecoin Consortium With 37 Leading European Banks

Upcoming dividend of €0.41 per share

First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

New major risk - Revenue and earnings growth

Santander UK plc acquired TSB Banking Group plc from Banco de Sabadell, S.A. (BME:SAB).

SAB: Strong Asset Quality And Capital Generation Will Support Future Repricing

SAB: CEO Transition Will Expose Fragile Earnings And Margin Sustainability Risks

SAB: Asset Quality And Capital Strength Will Drive Future Share Performance

Banco de Sabadell, S.A., Annual General Meeting, May 02, 2026

SAB: Strong Asset Quality And Capital Generation Will Support Further Upside

SAB: CEO Change Will Expose Overvaluation And Heighten Earnings Execution Risks

SAB: CEO Transition Will Intensify Concerns Over Rising Execution Risks

Full year 2025 earnings: EPS misses analyst expectations

SAB: Dividend Yield And Fair Value Views Will Guide Share Performance

Banco de Sabadell, S.A. to Report Q4, 2025 Results on Feb 06, 2026

SAB: Higher P E Expectations Will Struggle Against Rising Execution Risks

SAB: Dividend Support Will Struggle To Offset Rising Execution Concerns

SAB: Dividend Yield And Post Takeover Fair Value Will Shape Share Performance

SAB: Dividend Yield And Takeover Uncertainty Will Influence Share Price Ahead

SAB: Dividend Yield And Recent Deal Outcome Will Shape Share Performance

SAB: Dividend Yield And Takeover Dynamics Will Shape Future Performance

Focused Spanish Lending And Digital Progress Will Drive Future Resilience

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB)

Focused Spanish Lending And Digital Progress Will Drive Future Resilience

Now 21% undervalued

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB).

Now 23% undervalued

Focused Spanish Lending And Digital Progress Will Drive Future Resilience

Upcoming dividend of €0.057 per share

Second quarter 2025 earnings: EPS exceeds analyst expectations

Barclays PLC (LSE:BARC) proposed to acquire TSB Banking Group plc from Banco de Sabadell, S.A. (BME:SAB) in a transaction valued at €2.8 billion.

BBVA's Decision on the Takeover Bid for Sabadell

Spain Sets Condition on Bank's Hostile Bid for Sabadell

Barclays Reportedly to Be Among Firms Interested in Buying TSB

Sabadell Gets Expressions of Interest for British Unit TSB

Sabadell Said to Have Approached Unicaja Investors over Deal

First quarter 2025 earnings: EPS exceeds analyst expectations

Banco de Sabadell, S.A. to Report Q1, 2025 Results on May 08, 2025

Investor sentiment deteriorates as stock falls 16%

New minor risk - Share price stability

Upcoming dividend of €0.10 per share

Price target increased by 8.5% to €2.48

Banco de Sabadell, S.A., Annual General Meeting, Mar 20, 2025

Full year 2024 earnings: EPS and revenues exceed analyst expectations

Banco de Sabadell, S.A. to Report Q4, 2024 Results on Feb 07, 2025

Tactical Hedge Contributions And Asset Quality Propel A Bright Future For Banking Growth

New minor risk - Earnings quality

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

Banco de Sabadell, S.A. to Report Q3, 2024 Results on Oct 31, 2024

New minor risk - Share price stability

Upcoming dividend of €0.065 per share

Banco de Sabadell, S.A. to Report Q2, 2024 Results on Jul 23, 2024

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) cancelled the acquisition of Banco de Sabadell, S.A. (BME : SAB).

Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) made an offer to acquire Banco de Sabadell, S.A. (BME : SAB) for €11.4 billion.

Banco Bilbao Vizcaya Argentaria Announces Interest in Negotiations with Banco de Sabadell

Price target increased by 8.2% to €1.83

First quarter 2024 earnings: Revenues exceed analyst expectations

Banco de Sabadell, S.A. to Report Q1, 2024 Results on Apr 25, 2024

Upcoming dividend of €0.024 per share

Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat

Banco de Sabadell, S.A., Annual General Meeting, Apr 10, 2024

Full year 2023 earnings released: EPS: €0.24 (vs €0.13 in FY 2022)

Banco de Sabadell, S.A. to Report Q4, 2023 Results on Feb 01, 2024