Sabadell: Slashing Prices to Sell Property No Longer Needed

3/04/2014 – Expansion

Jaume Guardiola, the CEO of Sabadell, said that until now the bank has been selling property through Solvia at competitive prices in order to speed sales up and leave other rivals behind. Now, however, the bank decides to sell less aggressively due to return of investors´interest. Also, the managing director reminded that sale of Solvia is out of the question.

As another bank having a hearing before the 21st Financial Sector Meeting attendants, Sabadell shares opinion about emerging market improvement but emphasizes that Spain still copes with high inflation and general risk and that political situation is unstable.

(…) Since 2007, Sabadell managed to decrease its trading gap by almost €40 billion. (…).

Moreover, Guardiola highlighted that the bank made enormous effort to overcome fees, ensure soured credit coverage and to obtain the Asset Protection Scheme (APS) together with Banco Cam.

Right now, Sabadell is preparing its new strategic plan release. The plan assumes €1 billion profit by the end of 2016. (…) The group is aiming at expanding its market share in Spain from present 7.5% to 9.3%.



Original article: Expansión (by M Romani & J. Zuloaga)

Translation: AURA REE