González-Bueno rejects that Sabadell has plans to sell TSB “in the short term”

“That is the very clear mandate of the board”, points out the CEO of the entity in his first presentation at the head of Sabadell.

César González-Bueno, CEO of Sabadell.

Sabadell it is clear that, for the moment, it is not going to sell TSB, which returned to profit in the first quarter. “The council has decided that there will be no sale process. There is no divestment plan or to carry it out or to start it in the short term”, he pointed out. César González-Bueno.

The banker made his debut this Friday in the Sabadell results presentations after having accepted the position in recent weeks to replace Jaime Guardiola. In his new position, González-Bueno has made it clear that the future of TSB lies in continuing to form part of the group. “It is the very clear mandate that we have in the council”, has added.

The bank thus marks a new course after having begun the sale of its British subsidiary a few months ago, for which it even hired an advisory bank. In González-Bueno’s opinion, this change is due to the fact that TSB is accelerating the pace of recovery and its restructuring plan is giving “better results than anticipated.”

closest acquaintance

“We have a closer knowledge due to my very active participation in the board of TSB [González-Bueno fue consejero de la filial durante un año] and we have seen that activity has improved (…) It has led us to consider the convenience of maintaining TSB in the near future, we believe it is a good franchise and it will continue to improve”, he explained.

In fact, the bank refuses to carry out any corporate operationin the short term after having broken off negotiations with BBVA a few months ago. “I think this bank has an attractive solo project”, González-Bueno pointed out.

The manager has shown “excited” to take the reins of Sabadell and has highlighted that the most positive thing that has been found upon his arrival at the bank is his team, of which he has highlighted its “resilience, its ability to adapt”.

“It’s a healthy team that doesn’t blame others. There is a company culture”, he added. He has also highlighted the “commercial strength” of the entity, especially in the SME business.

Cut costs

On the other hand, González-Bueno explained that the bank will have to continue cutting costs in the future because the relationship with customers is changing. “Customers want good prices and some things require less and less”, he pointed out.

Although he has not come to reject the implementation of employment adjustments in the future, he has stated that “structurally, the business needs to continue acting on the cost side.” However, the manager has referred to the strategic plan that the bank will present on May 28.