France's BPCE has bought about 7% of Banco Sabadell for roughly €1.2 billion. The stake gives Sabadell a powerful new shareholder after BBVA's failed takeover attempt.
Before trading opened on Tuesday, BPCE notified the Comisión Nacional del Mercado de Valores of its new stake in Banco Sabadell. The French banking group bought approximately 7% of Sabadell's capital through market purchases and financial instruments.
The position is worth about €1.2 billion, based on Sabadell's Monday closing price of €3.55 per share. BPCE may add to its holding, but it will not pass 9.9% of the Spanish bank.
The deal is friendly.
Sabadell said the stake-building was agreed, transparent and not a concealed move ahead of a hostile offer. BPCE will hold a long-term position in the bank and receive a seat on its board of directors.
BPCE’s 7% holding represents approximately 333.8 million Banco Sabadell shares and is valued at about €1.2 billion.
Zurich already owns 5% of Sabadell. BPCE and Zurich would therefore control close to 15% of the capital between them. That gives the Catalan bank a more stable ownership base after BBVA's takeover attempt expired less than a year ago.
This is more than a financial investment.
Sabadell and BPCE plan another round of formal negotiations in 2027. The two groups expect to complete their initial discussions early next year. They are examining corporate and investment banking, equipment leasing, consumer credit and international business for clients.
The investment forms part of BPCE’s Vision 2030 plan. The French group aims to strengthen its European presence, while Banco Sabadell is expected to gain access to BPCE’s capabilities and client network through the planned cooperation.
The groups are already discussing where they could work together. They expect those talks to finish early next year. Their stated goal is to support Sabadell's development in Spain while expanding BPCE's European presence.
A joint announcement from BPCE and Sabadell said the proposed cooperation would cover industrial and commercial opportunities.
Sabadell keeps its independent growth plan. BPCE gets a strategic relationship with a Spanish bank and a long-term position as a stable shareholder. The 7% stake matters because of both its size and the commitment behind it.
Reuters reported that the investment followed Sabadell's decision to pursue an independent strategy after BBVA's failed takeover attempt. The earlier sale of Sabadell's British TSB unit formed part of that wider repositioning.
Josep Oliu said BPCE's investment recognised the strength of Sabadell's standalone project and the work of its employees. He also said the French group's arrival would make the shareholder base more stable.
Marc Armengol said the transaction would strengthen Sabadell's ability to carry out its strategic plan and generate sustainable long-term value.
The ownership balance has changed.
BPCE can legally move towards 9.9%, while Zurich already holds 5%. Any future bidder would face a more established group of committed institutional investors instead of a purely dispersed shareholder base.
The 9.9% ceiling also makes an immediate full takeover attempt by BPCE less likely. It still gives the French group room to build significant influence.
Sabadell is defending its independence through ownership rather than a new legal barrier. BPCE becomes its principal new strategic partner and an anchor shareholder.
That gives the bank more room to pursue its own plan. The stable capital base and proposed commercial cooperation also make another hostile bid harder to execute.
