The Power of Scale
BBVA has focused on the magnitude of its merger offer with Banco Sabadell, highlighting its crucial importance for both entities.
Importance of Fixed Costs
BBVA CEO Onur Genç emphasized that scale is increasingly relevant in commercial banking due to the constant increase in fixed costs.
Genç cited digitalization as an example, highlighting that while it reduces operating costs, it is still a fixed cost that requires an application with the same functionalities for all customers.
Value Creation Mindset
Genç highlighted BBVA’s track record of performance, attributing it to a value creation mentality that drives the bank’s team.
He stressed that the merger with Sabadell offers great potential to generate value.
Favorable Context
The president of BBVA, Carlos Torres, pointed out that the current context is very different from that of the failed acquisition attempt four years ago.
Torres highlighted a more positive macroeconomic environment and a more solid position for Sabadell.
He also noted that the operation presents less uncertainty than in the past, both in terms of the economic environment and the measures necessary for Sabadell.