BBVA Set to Name New Internal Chief for Banco Sabadell Deal

(Bloomberg) — BBVA SA is set to name a new head for the team that’s preparing the Spanish lender for the potential acquisition of smaller rival Banco Sabadell SA, according to people with knowledge of the matter.

Spain’s second-largest bank has picked Jordi Garcia Bosch as the new head of so-called Integration Office, said the people, who asked not to be named discussing private information. The team is in charge of coordinating how the bank will merge Sabadell if the takeover bid succeeds, the people added.

Garcia Bosch will succeed Peio Belausteguigoitia, who was simultaneously BBVA country manager for Spain. Unlike his predecessor, Garcia is set to be mainly focused on the deal, according to the people. 

A BBVA representative declined to comment.

BBVA — officially called Banco Bilbao Vizcaya Argentaria — is pursuing a hostile takeover of Sabadell to ramp up its domestic market share. Sabadell’s board rejected the offer as being too low and its management team has been vocal against the deal, saying investors will fare better with the bank’s current strategy. 

BBVA’s offer needs approval from various regulators before it can go ahead. The bidder is offering one newly issued share for every 5.0196 Sabadell shares, plus €0.29 in cash.

Garcia Bosch was previously global head of strategy, finance and control of engineering at BBVA, according to his LinkedIn profile. From 2015 to 2018, he was chief of staff of BBVA Chairman Carlos Torres, who was then chief executive officer.

The deal has faced political opposition from the Spanish government and Catalan parties. Sabadell said Wednesday that will move its legal domicile back to Catalonia as the lender seeks to muster political support in its traditional home base for the fight against the hostile bid.

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