Banco Popular says no chance it will be taken over; sees itself as a consolidator - Expansion
Banco Popular [MCE:POP] Chairman Angel Ron has said there is no possibility whatsoever the mid-cap lender will be the subject of a takeover approach, Expansion reported. Banco Popular has a strong core shareholder group and an “operational strength” that would make it difficult for a hostile bid to prosper, Ron said.
While recognising that Banco Popular is a highly sought-after target, Ron said the bank sees itself as a consolidator in any fresh round of mergers and acquisitions in the sector. Any suitable opportunity that creates value for shareholders will be considered, he added.
Given the current political uncertainty in Spain, combined with the slowdown in emerging economies, Ron does not expect consolidation to take place this year, the report said.
Ron’s comments follow news earlier this month that the European Central Bank (ECB) wants to push for international banking mergers and sees the potential for medium-sized Spanish banks to merge with large northern or central European banks.