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SearchThe French group, owner of Novobanco and Natixis, says it does not plan to exceed 9.9% and aims to have representation on Sabadell’s board, subject to the relevant approvals. The two entities will explore possible areas of cooperation.
The French banking group BPCE has acquired a stake of nearly 7% in Banco Sabadell through market purchases and financial instruments. Announced jointly by the entities on October 6, 2026, the transaction is presented as friendly and as a long-term investment. BPCE says it does not plan to raise its stake above 9.9%.
The approximate figure of €1.2 billion reported in some coverage is an estimate of the value of that 7% stake at market prices. It does not correspond to a purchase price disclosed by the entities.
BPCE aims to have representation on Sabadell’s board of directors. The appointment of a director has not been confirmed as a completed fact: it depends on the relevant approvals and discussions with the Spanish and European authorities.
The French group’s entry comes as Sabadell continues to pursue its strategy as an independent entity. In the joint statement, BPCE expressed its support for the Spanish bank’s strategy and growth plans.
The entities announced that they will explore opportunities for cooperation in corporate and investment banking, equipment leasing, consumer credit and the international activities of clients. The discussions seek to identify areas in which collaboration could support Sabadell’s development in Spain and strengthen BPCE’s European presence. According to the timeline envisaged by both parties, the dialogue could conclude in early 2027; no specific commercial agreements have been announced.
For companies with international operations, these areas indicate the fields that the banks consider suitable for joint analysis. However, the announcement does not specify which products, markets, clients or conditions would be part of any potential cooperation.
BPCE owns Novobanco in Portugal and Natixis, which operates in corporate and investment banking and asset management. It also operates in France through Banque Populaire and Caisse d’Epargne, among other activities. The investment in Sabadell expands its shareholding presence in Spain, but the entities have not detailed any operational changes resulting from the transaction.
Sabadell Chairman Josep Oliu described BPCE’s decision as recognition of the strength of the project and the bank’s growth opportunities. Chief Executive Marc Armengol said the entry brings a long-term partner with experience that could complement Sabadell’s capabilities. For his part, BPCE Chief Executive Nicolas Namias said the investment fits with its strategy of growth and diversification in Europe.
The announced stake is not equivalent to an offer for Sabadell and does not in itself imply an integration between the entities. The plans for board representation and cooperation remain subject to their respective processes and, in the latter case, to the discussions resulting in specific initiatives.
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Read storyThe French group says it wants to be a stable, long-term shareholder and does not expect to exceed 9.9%. The two banks will explore possible collaboration in corporate banking, leasing, consumer credit and international business; they expect to conclude the discussions in early 2027.
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