BBVA launches the purchase of Sabadell after making cash in the US

BBVA probes the troubled waters in which the Spanish financial sector is moving to gain size after making cash with the sale of its subsidiary in the US.

The market assumes that it will end up buying the

whose stock market value soared yesterday even more than that of the bank itself chaired by

The financial executive limited himself yesterday to indicating that he will use part of the 9,700 million euros obtained in his exit from the North American market to strengthen the bank's position in those markets where it already holds a leadership position.

All the analysts agreed in their reports that this market will be Spain and that the acquired group will be the Catalan one, whose shares appreciated 23% yesterday.

Analysts and investors are so convinced that the operation will come to fruition that they are even discussing its potential price.

Santander, for example, estimates that the operation would imply a premium of 40% over the current value of Sabadell, which would raise the cost above

The two entities have already surrounded themselves with advisers to study the potential merger.

Sabadell works with

while BBVA does the same with

the same group that has advised it on the US exit operation.

"BBVA would be rich in capital with a ratio of 14.46%, which opens the door to further consolidation of the sector in Spain, with Sabadell as a likely candidate to be absorbed," Santander explains in a report sent to investors.

"This move puts BBVA back in the game, with an acquisition in the domestic market that creates value for its shareholders given the low valuation of its Spanish competitors," adds Mediobanca.

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