González-Bueno steps down as CEO of Banco Sabadell

BarcelonaAfter the BBVA's takeover bid journeyFollowing the failed takeover bid by BBVA, Banc Sabadell's CEO, César González-Bueno, 65, has decided to retire. He will be replaced by Marc Armengol, CEO of the group's British subsidiary, which was sold to Banco Santander. The bank's board of directors made this decision after González-Bueno, who joined the institution in 2020, decided to step down. According to the bank, they mutually agreed that "this is the optimal time for the transition." The executive, with a long career in banking, arrived at Sabadell shortly after BBVA's first attempt to take control of Sabadell in 2020, and is leaving four months after the Basque bank's second attempt failed last October. The bank will present its 2025 results this Friday.

The bank's chairman, Josep Oliu, who led the takeover bid with González-Bueno, battle of almost a year and a half In response to BBVA's takeover bid, the company highlighted the changes implemented in the organization by the CEO, who has decided to step down, and which "have led the team to achieve several historic results records and multiply the value of Banco Sabadell's shares by more than 12 times in five years, the largest revaluation among Ibex companies."

"The board of directors decided to bring González-Bueno on board because of his proven leadership, innovation, and transformation skills," stated Oliu, who emphasized that he "has far exceeded" the bank's and the market's expectations, "both in terms of the depth of the transformation undertaken and the pace at which it was implemented." Following González-Bueno's arrival at Sabadell, Chairman Josep Oliu stepped down from his executive duties.

During this banker's tenure at the helm of Sabadell—where he oversaw ING's entry into Spain, the creation and sale of EVO, and the restructuring of Novagalicia Banco before its acquisition by Abanca—he has managed to turn the bank's stock market around, going from a near-zero valuation to €16 billion. In his first year back, 2020, following a restructuring plan, Sabadell reported profits of just €2 million. From there began an unstoppable climb that continues to this day: €530 million in 2021; €859 million in 2022; €1.332 billion in 2023; and €1.827 billion in 2024. Last year's results will be released this Friday.

González-Bueno and Oliu fought from the outset against the takeover bid launched by BBVA on May 9, 2024, after its intention to propose a merger was leaked. During this period, given the political and economic opposition in Catalonia, the Spanish government promoted an unprecedented referendum to identify elements of general interest that could hinder the operation. As a result, it prohibited the merger of the two banks for a minimum of three years, after the National Markets and Competition Commission (CNMC) had already approved the takeover bid, imposing conditions that many considered lax.

Armengol will likely become the first CEO of Banco Sabadell in May, once the shareholders' meeting has been held and the necessary authorizations have been received from the European Central Bank (ECB). Oliu states that the new CEO "knows Banco Sabadell and all its strengths and areas for improvement perfectly because he has held various positions of responsibility within the group, both in Spain and abroad, for almost 25 years."

In her first statements, Armengol, who joined the bank in 2002, affirmed that her priorities "will focus on achieving the objectives set for 2026 and 2027." The entity states that it played a fundamental role in the sale of TSB to Banco Santander, agreed upon while BBVA's takeover bid was still underway, and which should be finalized during this first quarter.

Carles Ventura's promotion

The incoming CEO has held senior positions in areas of the bank such as technology, operations, and strategy, always linked to transformation projects. He joined the bank in the US in 2015 as head of operations for the Americas and the international network. He then led the acquisition and integration of other banks, including the subsidiary in Mexico. From 2018, he was based in the UK as a member of the management committee and head of strategy at TSB, which currently contributes a fifth of the group's profits. After other responsibilities at this subsidiary, he became CEO.

The bank's board has also appointed Carles Ventura – another long-standing member of the institution – as managing director of Business in Spain. In addition to his current responsibilities for corporate banking, network, and private banking, he will now oversee retail banking. He also joins the bank's highest governing body as an executive director. Ventura was responsible for the bank's day-to-day operations during the long BBVA takeover bid.

Sabadell's board highlights that during Ventura's tenure, the bank "has strengthened its leadership in the corporate segment" and has also grown in private banking. They also emphasize the successful implementation of the branch network transformation. With his appointment to the board, the bank seeks to underscore "the increasing importance of the business in Spain for the group," the entity states.