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...Santander has agreed to hire the former co-head of Credit Suisse’s investment bank, David Miller, who becomes the latest executive to join from the collapsed Swiss lender....
...The digital bank raised the equity from Spanish bank BBVA, private equity firm Toscafund and London-based Infinity Investment Partners, three of its longstanding shareholders....
...Santander has set aside $250mn to grow its corporate and investment bank over the next two years and has already hired 100 executives this year, with many former Credit Suisse bankers joining its US office...
...It is BBVA’s second attempt to acquire Sabadell in less than four years....
...Sabadell declined to comment on BBVA’s decision to go hostile. In setting out its tender offer, BBVA stuck to the terms that Sabadell’s board had rejected....
...BBVA declined to comment on Sabadell’s decision to publish the email....
...A former BBVA executive said: “He’s jumped into the pool....
...Credit Suisse and Santander declined to comment. Hermer and Price declined to comment through a Credit Suisse spokesperson....
...Putting the two together might appeal, while BBVA looks for an exit. Either way, BBVA seems an unlikely candidate to be part of the UK’s long-term banking future. andrew.whiffin@ft.com...
...Should BBVA pay much more than Sabadell’s closing price Tuesday, the deal could be dilutive to earnings. That explains why shareholders sold BBVA shares down 6 per cent....
...Beyond Spain, BBVA has big businesses in Mexico and Turkey....
...BBVA said Sabadell shareholders would own 16 per cent of the combined entity. It is offering one newly issued BBVA share for every 4.83 Sabadell shares, valuing Sabadell at €12.3bn....
...Since then, its shares have climbed 5 per cent, underperforming Spanish rival BBVA but doing better than CaixaBank. On Monday Santander’s share price rose nearly 3 per cent....
...Job moves Credit Suisse’s final chief executive Ulrich Körner is set to leave UBS in the coming weeks....
...As a result, eurozone banks such as BNP Paribas, BBVA and Bank of Cyprus found it easy to find buyers when they re-entered the AT1 market during the summer....
...But banks, including BNP Paribas in France and BBVA in Spain, have slowly begun issuing AT1s and found willing buyers....
...Bank of Cyprus and Spain’s BBVA were the first banks to chance their arms. The case for refinancing is clear at Bank of Cyprus....
...If it secures nearly 10 per cent of Telefónica’s share it will catapult past CaixaBank and BBVA — two pillars of corporate Spain — to become Telefónica’s largest shareholder....
...Should the Spanish state and STC secure stakes of nearly 10 per cent, they will catapult past CaixaBank and BBVA — two pillars of corporate Spain — to become Telefónica’s largest shareholders....
...at Credit Suisse....
...STC’s plan would catapult it past CaixaBank and BBVA — two pillars of corporate Spain with large stakes in the group — to become Telefónica’s largest shareholder....
...BBVA, BNP and Italy’s Intesa have all raised new capital with AT1s....
...Credit Suisse’s former co-head of global banking David Wah has joined PJT Partners as a partner in San Francisco....
...RBC has revamped its European credit team, tapping Bank of America’s Georgio Gregoriou, Credit Suisse’s Marc Sánchez Roger and company insider Andrea Marcheggiano for senior roles....
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