BPCE acquires 7% stake in Spain's Banco Sabadell for 1.2 billion euros

Terms of the acquisition

French banking group BPCE acquired an initial stake of approximately 7% in Banco Sabadell through open-market purchases and financial instruments, according to regulatory filings sent to the Spanish National Securities Market Commission (CNMV) on 6 October 2026. The holding carries a market value of roughly 1.2 billion euros, or approximately 1.17 billion euros based on the Spanish lender's closing stock price on Monday. Both institutions described the transaction as a friendly investment intended to establish BPCE as a stable, long-term shareholder. The agreement grants the French cooperative group direct representation on Banco Sabadell's board of directors, which is chaired by Josep Oliu. Under the terms of the transaction, BPCE confirmed that it will not increase its ownership interest beyond 9.9%.

We are very pleased to welcome BPCE as a shareholder of our institution. Their decision to invest in Banc Sabadell constitutes recognition of the strength of our independent project, of the work done by our professionals, and of the growth opportunities that lie ahead.

Strategic areas of cooperation

The investment serves as the foundation for joint business initiatives between the two institutions. In a joint statement, the lenders outlined plans to explore commercial cooperation across corporate and investment banking, equipment leasing, consumer credit, international customer services, and payment systems. Prior to this purchase, BPCE operated in the Spanish market primarily through Natixis, its corporate and investment banking subsidiary. Banco Sabadell maintains existing partnerships across key business lines, working with Zurich in insurance, Amundi in investment funds, and BNP Paribas in fund custody and depository services. The partnership aims to provide Sabadell's domestic clients with expanded European financing capabilities while expanding BPCE's commercial footprint in Southern Europe.

Defensive positioning after takeover attempt

The entry of BPCE provides Banco Sabadell with an anchor shareholder following the collapse of a hostile takeover bid launched by BBVA in May 2024. That takeover attempt ended unsuccessfully in October 2025, after Sabadell altered its operational strategy, sold its British subsidiary TSB, and increased payouts to shareholders. Banco Sabadell had remained the only publicly traded Spanish bank without a defined core of long-term institutional shareholders. With BPCE holding 7% and insurance partner Zurich holding 5%, the two allied institutional partners control approximately 15% of Sabadell's equity. Other institutional investors include Fintech Investments at 3.9%, Vanguard at 3.8%, Dimensional Fund at 3.1%, Norges Bank at 2.1%, ZKB at 2%, and Amundi at 1.3%.

Regulatory scope and group metrics

BPCE ranks as the second-largest banking group in France by equity and the fourth-largest in the eurozone by capital. The cooperative group employs approximately 110,000 people, serves 36 million customers worldwide, and reports annual profits of about 4 billion euros. Capping the acquisition at 9.9% keeps the holding below the 10% threshold that requires formal review and clearance from Spain's Council of Ministers under national foreign investment rules governing strategic sectors. The transaction represents the first substantial entry by a foreign banking group into the share capital of Sabadell, which operates as Spain's fourth-largest bank by total business volume. Banco Sabadell previously counted another domestic lender among its core owners when CaixaBank held a 15% stake around the time of Sabadell's initial public offering.