David Martinez cuts Banco Sabadell stake after failed BBVA takeover bid

09:45

By: Sahili Aya

David Martinez cuts Banco Sabadell stake after failed BBVA takeover bid

Mexican investor David Martinez has reduced his holding in Banco Sabadell, selling nearly 1.6% of the Spanish lender while remaining one of its significant shareholders following last year's unsuccessful takeover attempt by BBVA.

Regulatory filings reviewed on Tuesday show that Martinez disposed of a 1.558% stake, leaving him with a 1.937% shareholding in Spain's fourth-largest bank. Based on Monday's closing market price, his remaining investment is valued at approximately €300 million.

The financial terms of the transaction were not disclosed, and the identity of the buyer—or buyers—has not been made public.

Martinez played a prominent role during BBVA's hostile takeover bid for Banco Sabadell. At the time, he was the largest individual shareholder to publicly indicate his willingness to accept the acquisition offer.

However, Sabadell's board unanimously urged investors to reject the revised proposal, arguing that the offer—valued at roughly €17 billion—failed to reflect the bank's long-term value and growth prospects. The takeover bid ultimately did not succeed.

Martinez also stepped down from Banco Sabadell's board in 2025, although he has maintained a substantial financial interest in the institution.

His latest share sale comes as Spain's banking sector continues to experience strategic repositioning amid consolidation efforts, higher interest rates and increased investor scrutiny over capital allocation and shareholder returns.

While Martinez's reduced holding lowers his direct exposure to Sabadell, his remaining stake indicates continued confidence in the lender's future performance following the collapse of one of Europe's most closely watched banking takeover attempts.