Blackrock liquidates Banco Sabadell shares at a loss and ceases to be a significant owner

The American Fund BlackRock, the first shareholder in banks in Spain, has lost the status of significant owner of Banco Sabadell after selling a package of 114 million shares over the last two weeks, as recorded in the CNMV records.

It is an important way out for Banco Sabadell, given that BlackRock until now it was its first shareholder. At the end of May, it had a participation of more than 5% of the entity’s capital, with more than 281.6 million securities, which then had a market value of 76.3 million euros.

The US fund manager disinvested on May 29 until it reduced its participation to 3.62%, for a few days after continuing to undo positions and keeping 2.97% of the securities, currently valued in the market at around 58 million euros , reports Europa Press.

Yes, bet on Bankia

The US fund has also taken advantage of the stock market declines to bet in recent days on other Spanish banks such as Bankia.

Lowering its presence in the bank’s capital below 3% means losing the status of significant shareholder, currently only held by proprietary director David Martínez Guzmán (3.49%), through his company Fintech Europe SARL, and Lewis A Sanders (3.47%), through its Sanders Capital fund.

Banco Sabadell’s share hit an all-time low of 0.263 euros in the trading session on May 21, representing a collapse of almost 75% since January, although since then it has recovered almost 30% of its value.

Key shareholder

As this newspaper reported a few weeks ago, Blackrock it is currently of decisive relevance for a large part of the Spanish banking sector. The New York fund manager has remained the main foreign investor in most Spanish banks, with the ability to send the market a message of confidence or mistrust about the entities.