Updated:28/11/2020 01: 41h
Onur Young, CEO of BBVA, already cooled down the merger with Banco Sabadell at the XXVII Meeting of the Financial Sector of ABC and Deloitte last week. They neither felt compelled to carry it out, nor was it their only possible corporate operation. A message that in the market was interpreted as pressure before the entity of Catalan origin, but that already announced that the financial firm was unwilling to pay any price. Said and done, the talks have been put on hold due to not reaching an agreement on the exchange equation. And now BBVA already has its next performances in mind. From the repurchase of shares, to an increase in the dividend for its shareholders … also going through speculation about its business in Turkey.
Genç, precisely Turkish, I would not see the operation with Sabadell favorably And he would have pushed to ensure that the surplus capital from the sale of the subsidiary in the United States was to be strengthened in Turkey, according to various media. BBVA sources indicate that they are “Very comfortable” with their position in the Ottoman country. In other words, its intention would not be to acquire 100% of its subsidiary there, Garanti, of which it already owns slightly less than 50%.
However, beyond the entity’s plans, the Banco Central European (ECB) He does not see with good eyes that BBVA decides to bet on Turkey, as is the political situation there and the current panorama derived from the pandemic worldwide, according to financial sources. Its currency, the Turkish lira, is a focus of uncertainty for any foreign entity present in the territory. Given this, the community supervisor prefers that the bank does not choose to strengthen itself in that region.
Failing that, the ECB options go through more expand your presence in Spain or in countries of the European Union, with the risk much more contained. Emerging markets, in these times, are not to the liking of European bodies. And neither are they from the Bank of Spain.
The national supervisor has publicly warned both BBVA and Banco Santander on two occasions about their exposure to emerging countries. What once were territories that withstood the 2008 crisis better than Spain, today are more of a vulnerability, according to the Bank of Spain. All the voices, in short, point to the fact that the entity of Basque origin should think more about the local market, or others with better potential. Of the emerging, for now in this crisis, not to mention.