Banco de Sabadell, S.A. (OTCPK:BNDSY) Bank of America 30th Annual Financials CEO Conference 2025 September 16, 2025 10:30 AM EDT
Company Participants
Cesar Gonzalez-Bueno Wittgenstein – CEO & Executive Director
Sergio Palavecino – Chief Financial Officer
Conference Call Participants
Antonio Reale – BofA Securities, Research Division
Presentation
Antonio Reale
BofA Securities, Research Division
All right. Good afternoon, everyone. We’ve got another exciting session, I think I would say, we’ve been 16 months on and M&A is still on the table. We are live with the deal. So we’re going to try to be respectful of that. But we’re super pleased to have Cesar Gonzalez-Bueno, CEO of Banco de Sabadell and is joined today by Sergio Palavecino, Group CFO. Thank you both for joining us.
Cesar Gonzalez-Bueno Wittgenstein
CEO & Executive Director
Pleasure. Thank you, Antonio. Thank you, everybody.
Question-and-Answer Session
Antonio Reale
BofA Securities, Research Division
So I think let’s dive straight into the sort of the main topic and start with tender offer. We are live with the offer period when you and your Board rejected the offer, I think you formalized a number of points as to why that was the case, 3 in particular, bear in mind I’ve asked the same question to — on earlier. But please correct me or complement if you think it’s wrong. The first point you mentioned was the offer significantly undervalues the potential of Sabadell. Two, stand-alone, you can create more value for your shareholders with, of course, an emphasis on capital distribution. And three, you said the BBVA shares have some risk that Sabadell shares don’t have. Now I’m sure there’s a lot of your shareholders in the audience, what would you tell them here?
Cesar Gonzalez-Bueno Wittgenstein
CEO & Executive Director
Well, I think this question, unfortunately, is going to take a bit
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