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Sabadell plans to merge or sell the uk subsidiary when it is profitable

mr. Josep Oliu, president of Banco Sabadell, is giving two-year deadline for the subsidiary in United Kingdom is cost-effective. In that moment, opens the door

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Sabadell plans to merge or sell the uk subsidiary when it is profitable

mr. Josep Oliu, president of Banco Sabadell, is giving two-year deadline for the subsidiary in United Kingdom is cost-effective. In that moment, opens the door to give scale to the business by way of a merger, and does not rule out even a sale, as it did with the unit of commercial banking in the united States. The executive ensures that developed a bank with the ability to be “consolidator”. Another thing is the availability of capital.

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ballasts that prevent take off to the banking problems of the subsidiary, TSB and the sale of portfolios reduced by 56% the benefit of the Sabadell Sabadell puts on sale Solvia, its subsidiary inmobiliaria

The president of Sabadell is located in New York to receive the award of entrepreneur of the year awarded by the Chamber of Commerce Spain-united States for his strategic vision and leadership. Also as recognition of the transformation of the entity during the three decades that it was on the front. In this sense, Oliu stressed the internationalization achieved by the Spanish companies in the last decade.

The banker explained that during the next two years has to work for the uk subsidiary to earn money and to consolidate their accounts. In January presented a plan to recover the profitability of this business unit, once completed, the change computer. But at the same time, points out that the space you have to grow is limited. By that he explained that you will need to find other ways to gain scale.

Oliu explained that the migration of a banking platform to another was of great complexity. “You have to do to fit the things,” he said, “but we've already crossed the Rubicon and we are now in a better position” that will allow a profitability perspective credible for investors. On the impact of Brexit, he said not to worry except for the fact that it can be harmful for the Uk.

the sale of The business in the U.S.

The financial group currently has an office in Miami dedicated to the corporate banking and private for the Latin american area. Also operated in the business of commercial banking in the US by Sabadell United Bank, which sold almost two years ago to IberiaBank in a transaction valued at 1.025 billion dollars (900 million euros). “We sold at a very good time of value,” says Oliu.

he Also referred to the process of digitization has in progress the entity to gain efficiency and partnerships that they are establishing with companies emerging in the field of technology and financial giants, such as Apple or Google. “Competition can come from anyone,” he acknowledges, “but have no data as deep of customers like us.”

About the economic situation in Spain, do not see anything that would indicate a recession or that may look like a bubble in the real estate market. “The fundamentals are very positive”, he says, “we do not see risks of something like the collapse of the last crisis.” Yes warns that there are sources of uncertainty external that can affect, related to trade protectionism.

The banking and populism

“A world in which everyone wants what is best for him,” he says, “is bad for everyone”. The tension generated by this type of rubbing, he explained, deducted the trust between the companies and the investments. This creates a dynamic that, in their words, “it can be very dangerous.” In this situation, he believes that companies must be ready to adapt to the new reality in which they have to operate.

he Regretted that the banking is the “head of steam” of populism, and is concerned about the legal insecurity that it generates. And although in political matters preferred to adopt a standby position, is confident that the parties classics have been regenerated. “The absolute majority is no longer possible”, he concludes by referring to the forces that emerged during the last few years, “the essence of democracy is to understand what things it has to give in for the sake of a common good”.

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