Banco Sabadell has agreed to sell a 7% stake in its capital to the French banking group BPCE, with the option for the conglomerate to increase its holding to 9.9%. The transaction is valued at approximately 1.2 billion euros based on Monday's market close.
BPCE will appoint one director to the Sabadell board and intends to sign collaboration agreements across various banking sectors. This move follows BPCE's 2025 acquisition of Novo Banco, amid wider European consolidation involving UniCredit and Crédit Agricole.
The deal increases the combined stake of BPCE and Sabadell's insurance partner, Zurich, to 15%. Zurich recently rejected a takeover bid from BBVA, which had planned to replace the existing Sabadell-Zurich partnership with an Allianz agreement if successful.