BBVA Chairman says he will not step down despite failure in Sabadell bid
BBVA Chairman Carlos Torres announced he will not resign following the bank's unsuccessful 16.32 billion euro takeover bid for Sabadell. Despite the setback, Torres emphasized that the outcome of the bid does not affect his position, asserting he has the full support of the BBVA board and shareholders. The failed bid is seen as a significant disappointment for Torres, who was the main proponent of the offer.
MADRID, Oct 17 (Reuters) - The chairman of Spain’s BBVA (BBVA.MC) , Carlos Torres, said on Friday he would not resign despite the bank’s failure to convince Sabadell (SABE.MC) shareholders to back its 16.32 billion euro ($19.1 billion) hostile takeover bid.
“No, I have repeatedly stated in the past that the outcome of this process had no bearing whatsoever on my continuity at the bank,” Torres said when asked whether he was considering stepping down.
Torres said both he and Chief Executive Officer Onur Genc had the support of the entire BBVA board and its shareholders.
The bid’s failure is considered a blow for Torres, the architect of the offer.
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