The Catalan entity is awaiting government authorization to open an office in Dubai
Banco Sabadell will present its 2008-2009 strategic plan on November 6th, with which it intends to improve its effectiveness and efficiency, as well as make a leap "into the mass markets", as explained today by its CEO, Jaume Guardiola.
Juan María Nin's replacement appeared before the press in Madrid and Barcelona today, where he stressed that Banco Sabadell "has changed a lot and very quickly" in recent years through acquisitions, so now "we have to put all this acquired capacity to good use" and increase the value of the share by optimizing costs and increasing revenue.
According to Guardiola, to achieve this goal, it will no longer be enough to grow in the entity's traditional segments - personal and wealth banking and financing for SMEs - but rather it is necessary to make "a certain leap into mass markets", without forgetting the "sensitivity to risk" that has marked the bank since its beginnings.
This leap, according to the new CEO of Banco Sabadell, cannot be achieved by following the model developed by Banco Santander or La Caixa, which have a wide network of offices and resort to mass advertising, but rather by starting with SMEs and identifying market segments with a need for certain products.
In its most established markets, such as Catalonia and Asturias, the Sabadell-based entity does not rule out betting on less profitable lines but which allow it to penetrate certain markets where it has little presence, such as that of young customers.
The bank's last master plan was three years long (2005-2007), but Guardiola believes that this time a two-year projection will have "more credibility" for the market, especially in the current context of some uncertainty in the financial sector due to the lack of liquidity and the damage suffered by US banks from their exposure to subprime mortgages.
Banco Sabadell, which is awaiting government authorization to open an office in Dubai, has set its sights on growth abroad in Mexico through its stake in Banco Bajío and in South Florida, where it acquired TransAtlantic Bank a few months ago, while ruling out other markets, such as Eastern Europe and Asia.
The financial institution considers itself "shielded" from potential hostile takeovers thanks to its core group of shareholders who control nearly 25% of the bank's capital and its loyal customer base, according to the financial institution's top executive.
Guardiola, who bought a block of shares when he was appointed CEO, believes that Banco Sabadell's stock "has growth potential".
Regarding the alliance with the Italian bank Unicredit, which in May bought the 4% stake held by the Valencian businessman Enrique Bañuelos, he said that at the end of the year two phases of work related to the capital market and asset management will be launched.
Guardiola pointed out that Banco Sabadell does not have an industrial focus, but is instead dedicated to the financial business.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
International business service providers
Barcelona Free Trade Zone
Public entity for economic revitalization, operates as an engine of industrial development in the Barcelona area.read more...
VUI - One-Stop Shop
The One-Stop Shop for Internationalization (VUI) is a space for information and advice.read more...
Asturex
Asturex, Foreign Promotion Company of the Principality of Asturias, SA is a capital company.read more...
PROEXCA
PROEXCA is a public company attached to the Ministry of Economy, Knowledge and Employment.read more...
Chamber of Madrid
The International Business Department of the Madrid Chamber of Commerce supports companies.read more...
Chamber of Spain
The Spanish Chamber of Commerce is a public law corporation and advisory body.read more...