Banco Sabadell shines in Madrid; France’s BPCE takes a 7 per cent stake

(Il Sole 24 Ore Radiocor) - Banco De Sabadell shines on the Madrid Stock Exchange (IBEX 35 ), following the French banking group BNP Paribas’s acquisition of a stake in the group. Specifically, BPCE announced that it had acquired a stake “amounting to approximately 7 per cent of Sabadell’s share capital” through market purchases and financial instruments.

The two banks “wish to emphasise the amicable nature of this equity investment. BPCE intends to be a stable, long-term shareholder and to have representation on the board of directors of Sabadell, Spain’s fourth-largest bank, which holds leading positions in SME financing”. The institutions intend to “explore a strategic cooperation to make BPCE’s expertise available to Sabadell’s customers and to create further value together”. The French group states that it has become “a strategic shareholder in Sabadell” and that it is the second-largest banking group in France and the fourth-largest in the eurozone in terms of net assets. BNP Paribas also states that it does not intend to exceed a 9.9 per cent stake in Sabadell and that it “fully supports the strategy, growth plans and management” of the Spanish bank. With Sabadell’s support, BPCE will initiate the necessary procedures and discussions with the Spanish and European supervisory authorities regarding the appointment of a director to Sabadell’s board of directors, in accordance with governance procedures and the required approvals, a press release adds.

“Today we are investing in a bank that stands out for its strong performance, operates in a healthy economy and is committed to building a friendly, stable and long-term partnership capable of creating value,” emphasised Nicolas Namias, CEO of BPCE. The investment for the 7 per cent stake amounted to “over €1.2 billion”, Namias clarified during a conference call. “The aim is to create a sort of corridor between France and Spain for French and Spanish SMEs,” added the CEO. Several areas have already been identified, which will involve the investment and corporate bank Natixis CIB, specialising in structured finance, investment banking and M&A advisory services, equipment leasing, consumer credit through Oney and Banco Primus, and cross-border client support. “At this stage, no disposals of any kind are planned. We are entirely focused on partnerships,” clarified the head of BPCE. Furthermore, the collaboration between the two banks will not extend to asset management, as there is already an agreement in place between Sabadell and the French firm Amundi, a subsidiary of Crédit Agricole. “Both Sabadell and ourselves will scrupulously respect this agreement,” emphasised Namias.

As industry insiders point out, the deal forms part of the independence strategy adopted by Sabadell – which has a market capitalisation of 16.5 billion euros – following the sale of TSB to the UK and the failure, last year, of a hostile takeover bid launched by its main domestic competitor, BBVA. For BNP Paribas, the acquisition of a stake in Sabadell represents ‘a further step’ towards its ambition to ‘develop and diversify its presence in Europe’. The French group has, in fact, made European expansion a ‘strategic priority’ in its 2030 plan. An initial transaction took place in February 2025 with the acquisition of a division of Société Générale specialising in capital goods and the development of a pan-European financial services platform through the creation of BPCE Equipment Solutions. The French group also finalised the acquisition of the Portuguese bank Novobanco on 30 April for €6.7 billion, making Portugal its second most important market for retail banking activities.