More than five weeks after the failure of BBVA's hostile takeover bid for Banco Sabadell, businessman David Martínez has resigned from his position as proprietary director on the bank's board. Martínez, the only board member who supported the acquisition offer, communicated his decision in a letter to president Josep Oliu. The resignation does not imply the sale of his 3.86% stake.
The announcement was made through a brief statement sent by Banco Sabadell to the National Securities Market Commission (CNMV) on Thursday. In his letter to Josep Oliu, Martínez Guzmán stated that during his 12 years on the board he has witnessed the bank's transformation and thanked the president and teams for their resounding success. "In his letter, Mr. Martínez Guzmán states that during these 12 years of participation on the Board he has witnessed the Bank's transformation and expresses his deep gratitude for the resounding success achieved by both the President and the competent teams that have worked for the Bank," the official text indicates.
Martínez, the third largest shareholder with 3.86% of the capital through his firm Fintech Europe, entered Sabadell in 2013 during the European debt crisis, acting as a distressed investor. Josep Oliu described him as a "different shareholder." He was the only director who saw "strategic benefits" in a long-term merger with BBVA and spoke in favor of the takeover bid, distancing himself from the board's collective rejection. He did not sign the second rejection and criticized the Government's "political interference," which he said negatively affected the offer. After BBVA improved the price by 10%, Martínez announced his intention to accept it.
BBVA's president, Carlos Torres, praised his stance as "a clear demonstration of the enormous attractiveness of both the offer and the union project with BBVA." However, the bid did not exceed 30% acceptance and was annulled. Martínez's departure leaves the board with 11 members, the minimum according to the bylaws, reducing tensions in meetings. The bank has accumulated an 80.87% revaluation so far this year, but Martínez maintains his stake with no immediate sale plans.
Founder of the Fintech Advisor fund and shareholder in companies like Televisa and Cemex, Martínez kept a low profile despite his fortune highlighted in Forbes.