Apr
19
Josep Oliu, Chairman of Banco Sabadell: We are pleased to have been adjudicated Banco Gallego, which will enableus to contribute further to the reorganisation of Spain’s financial sector.
This is a valuable transaction for Banco Sabadell in that we will integrate a bank that has been restored to health by the FROB, is well-established in Galicia and has a branch network that is specialised in SMEs and individuals. Banco Gallego’s network complements that of Sabadell and will enable us to cover practically all of our current and potential customers in northwest Spain, where we had a very limited presence until now.
The incorporation of Banco Gallego into the group will further balance our position in Spain, and represents progress in strengthening our plans to become a major Spanish bank with a leading position in terms of solvency and service quality.
The Banco Gallego adjudication increases Banco Sabadell’s share of branches in Galicia to 7% (from 28 to 145), ranking it sixth in the region and providing it with an operating platform from which to grow its retail business in Galicia, a region which accounts for 5.3% of Spain’s GDP.
Banco Gallego’s total assets amount to 4.2 billion euro, with 3 billion euro in customer funds and 2.2 billion euro in customer loans.It has 183 branches (117 in Galicia and 28 in Madrid), 737 employees and 125,000 customers.
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