Josep Oliu will not end his career in the financial world with the foreseeable integration of Banco Sabadell into BBVA. As El Confidencial reported on Monday and ARA confirmed, negotiations between the two banks have agreed that Oliu will be the future vice-president of the resulting entity. Oliu, 71 years old, has been president of Banco Sabadell since 1999.
The negotiations also led to Carlos Torres, chairman of the second largest Spanish bank, remaining in this position after the merger. Questions about the CEO are not so clear. Financial sources have explained to this newspaper that Onur Genç, the Turkish executive who currently holds this position, is very well regarded in the BBVA. This makes it even less likely that Jaume Guardiola, number two at the Catalan entity, will be able to achieve this position. As this newspaper explained, Guardiola warned a few months ago that he would leave at the end of the year.
The two banks informed the National Securities Market Commission a week ago that they had begun negotiations on their merger, which for practical purposes will be a takeover of Banco Sabadell - in a delicate stock market situation - by BBVA. This will make Catalonia's fourth largest company in terms of turnover disappear. The brand will not continue either and the continuity of Oliu as vice-president - possibly not executive - would be one of the few concessions that have emerged so far.
Financial sources insist that the operation will only be carried out if Banco Sabadell manages to save part of its management, and they remind us that BBVA also has problems, such as its Turkish subsidiary. They also point out that the presence of Oliu as vice-president in the future entity would serve to watch over the interests of the Catalan entity.
Millionaire pension plans
The two main executives of Sabadell, Oliu and Guardiola, would receive 33 million euros if they decided to dissociate themselves from Banco Sabadell now. According to the annual report on directors' remuneration, the Sabadell chairman would be entitled to a fund of 8.6 million, while the managing director would be entitled to receive 24.1 million.