Banco de Sabadell, S.A. (Catalan: Banc Sabadell) is a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain. It is the 4th-largest Spanish banking group.[2] It includes several banks, brands, subsidiaries and associated banks. It is a universal bank and specialises in serving small and medium enterprises (SMEs) and the affluent with a bias towards international trade.
As of March 2022, the total assets of Banco Sabadell Group amounted to €253,256 billion. It has a network of 1,594 branches, 18,985 employees and 12.1 million customers.
In February 2014, Banco Sabadell started its 2014–2016 business plan, Triple, that aims to leverage its new size and margin-generating capability. The main goal of the 2014–2016 Triple Plan is profitability. Key themes of the new plan are transformation (transformation of the business, transformation of the production process and transformation of the balance sheet) and internationalization (laying the foundations for becoming more international in terms of structure and resources and entering new markets).
History
At the end of the 19th century, the city of Sabadell was known as a bustling "factory city" with approximately 18,000 residents, 4,000 of whom were employed in the wool industry. Together with the nearby city of Terrassa, Sabadell accounted for 66% of Spain’s wool production. Mechanization processes, introduced from 1875 onwards, led to significant productivity increases—doubling output in some steam-powered factories. This newfound efficiency enabled local industrialists to accumulate capital, leading some to begin informally lending money among themselves.
Over time, these industrialists specialized in financial operations, but no institution offered the long-term credit necessary for purchasing raw materials, such as wool imported from Argentina or Australia. This unmet need spurred the idea of creating a bank tailored to the needs of local manufacturers. The goal was to establish an institution that could facilitate payments at the local level, provide short-term credit, and support investments in international raw materials.
Although Sabadell already had a savings institution (Caixa d'Estalvis de Sabadell), founded in 1859, it focused exclusively on promoting small-scale savings and could not handle the complex financial operations required by industrialists.
On December 31, 1881, a group of 127 entrepreneurs and merchants from Sabadell, led by the Gremi de Fabricants de Sabadell (Manufacturers' Guild), founded Banco Sabadell. Its purpose was to finance local industry and supply raw materials—such as wool and coal—on more favorable terms. The bank’s initial share capital was set at 10 million pesetas, contributed by 127 shareholders, the majority from Sabadell, with a handful from Barcelona and one from Barberà del Vallès.
The bank’s first office was located in the ground floor of the guild’s building. In addition to traditional banking, Banco Sabadell initially engaged in other business activities, including buying and selling raw materials, importing machinery, and establishing electrical installations. This phase lasted until 1907, when the bank decided to divest its non-banking activities and focus solely on commercial banking operations.
Mid-20th Century: Growth and Modernization
In 1953, Banco Sabadell’s shareholders signed a syndication agreement to ensure the bank's independence, limiting individual shareholdings to 0.7% of the total capital. This move protected the institution from potential takeovers. A year later, in 1954, the bank opened its first purpose-built branch in Plaça de Sant Roc in Sabadell, strategically located between the city hall and the former Ateneu Sabadellenc. The branch’s iconic building was designed by renowned architect Lluís Bonet i Garí.
During the 1960s, Banco Sabadell began expanding its presence to nearby towns. Its first branch outside Sabadell opened in Sant Cugat del Vallès in 1965, followed shortly by branches in Cerdanyola del Vallès, Ripollet, and Castellar del Vallès. By 1970, the bank had established itself in Barcelona, marking a significant step in its territorial expansion.
National and International Expansion
In 1977, Banco Sabadell opened its first branch outside Catalonia and began its expansion to the rest of the communities in Spain, starting in Madrid, followed by its first international branch in London in 1978, strategically located in the heart of the City of London. By 1987, the bank had expanded further internationally, opening a branch in Paris.
Banco Sabadell became a pioneer in Spain’s banking sector by embracing technological innovation. In 1986, it launched Fonobanc, a telephone banking service, followed in 1988 by Infobanc, a computer-based banking platform. These initiatives set the stage for the introduction of BancSabadellNet in 1998, Spain’s first online banking service.
In 2023, Banco Sabadell consolidated its digital operations under a new subsidiary, Sabadell Digital. This subsidiary was tasked with overseeing app development, software innovation, and cybersecurity, marking a major step in the bank’s commitment to digital transformation.
Stock Market Debut and Strategic Acquisitions
Banco Sabadell underwent significant changes starting in 1996. Under the leadership of Josep Oliu i Creus, who became chairman in 1999, the bank began an aggressive expansion strategy. It entered the IBEX 35 in 2004, shortly after its initial public offering in 2001.
Throughout the 2000s and 2010s, Banco Sabadell acquired numerous institutions, including NatWest España (1996), Banco Atlántico (2004), and Banco Urquijo (2006). Notably, it acquired Caja de Ahorros del Mediterráneo (CAM) in 2012 for the symbolic price of one euro, integrating its network into the Sabadell group.
These acquisitions allowed Banco Sabadell to extend its reach internationally, particularly in the United States and Mexico. In 2015, the bank acquired TSB Banking Group in the UK, further solidifying its position in global markets.
Challenges and Resilience
The political turmoil in Catalonia during the 2017 independence referendum led Banco Sabadell to relocate its corporate headquarters to Alicante (in Valencia, another autonomous communitie of Spain on October 5, 2017, citing the need to ensure the stability of deposits and customer confidence. The move was facilitated by a government decree allowing expedited relocations. Despite this, the bank faced criticism and deposit withdrawals from some quarters.
Banco Sabadell was not immune to the financial impacts of the COVID-19 pandemic. Its stock price dropped significantly but recovered strongly in subsequent years. By November 2023, its stock had risen to €1.30 per share, making it one of the fastest-recovering companies on the IBEX 35.
In 2024, Banco Sabadell rejected a hostile takeover bid from BBVA, reaffirming its independence and strategic direction.
Legacy and Current Status
Banco Sabadell remains a key player in Spain’s banking sector and has continued its growth and strategic focus into 2023. The bank manages assets valued at approximately €235 billion, marking a 6.4% decrease year-over-year due to repayments on TLTRO III loans. It employs over 21,000 people globally and operates through around 1,600 branches, emphasizing digital transformation and cost efficiency.
In 2023, customer funds reached €201 billion, with €56.6 billion allocated to savings and investment products in Spain. The bank's liquidity remains robust, with a Loan-to-Deposit ratio of 94% and a Liquidity Coverage Ratio (LCR) of 228%. Additionally, the non-performing asset (NPA) ratio improved, demonstrating solid risk management practices. The fully loaded CET1 capital ratio rose to 13.21%, reflecting a strengthened financial position.
2013: Acquired Banco Gallego and Lloyds Banking Group's retail and private banking business and the local investment management business in Spain, Lloyds Bank International. Lloyds is selling its loss-making Spanish operations for a 1.8% stake in Sabadell, worth about €84 million, plus an additional sum of up to €20 million euros over the next five years.
2014: Banco Sabadell starts independent operation in Mexico.
2014: Triple announced.
2015: Acquired TSB, a retail bank based in the United Kingdom.
Brands
SabadellAtlántico: The group's primary brand in the Spanish market. It operates throughout Spain except in SabadellGuipuzcoano and Banco Herrero territories. It focuses on commercial banking for individuals and companies.
SabadellGuipuzcoano: Formerly Banco Guipuzcoano. It is the group's brand in Navarre, La Rioja and the Basque Country. It focuses on commercial and corporate banking.
Banco Herrero: The bank's only brand in Asturias and León. following the acquisition of Banco Herrero. It focuses on commercial banking for individuals and companies. It is the top banking network in Asturias and one of the leading networks in León.
Sabadell Solbank: It focuses on commercial Banking for Europeans living in Spanish tourist areas. Branches in Mediterranean coastal areas and Spanish Islands. Lloyds Bank International was its trading name, owned by Banco Sabadell. The bank was established as Banco Halifax in 1993, as the Spanish subsidiary of Halifax. Banco Halifax became part of Lloyds Banking Group in 2009 and was renamed Lloyds Bank International. Lloyds Banking Group sold it in April 2013.[5] The Lloyds Bank name was used under temporary licence.[6] The bank was renamed Sabadell Solbank in November 2013, and was fully integrated into Sabadell on 15 March 2014.[7]
ActivoBank: It focuses on clients operating exclusively electronically (internet and telephone).
SabadellUrquijo: Private banking unit, a merger of Sabadell Banca Privada and Banco Urquijo. Branches in main economic and wealth hotspots.
SabadellGallego: It is the group's reference brand in Galicia, following the acquisition of Banco Gallego. It focuses on commercial and corporate banking.
SabadellCAM: It is the group's reference brand in the Valencian Community and Murcia, following the Banco CAM acquisition. It focuses on commercial banking.
Subsidiaries
Banco Sabadell de Andorra: It is an entity established in the Principality of Andorra. Banco Sabadell has an ownership of 50.97% of the bank's capital. It focuses on affluent individuals and to the main companies in the Principality of Andorra.
BanSabadell Fincom: It focuses on consumer finance. 100% owned by Banco Sabadell.
Dexia Sabadell: Subsidiary specialising in funding local government. Banco Sabadell (30%) and Dexia Group (70%).
Sabadell United Bank: Commercial banking brand in the United States. Resulted from the acquisition of Mellon United National Bank in south Florida (15 January 2010) and the integration of TransAtlantic Bank (9 August 2010), acquired in 2007, Lydian Private Bank (2011) and JGB Bank (2014). SUB branches were sold off to Iberiabank in the fall of 2017.
Solvia: It focuses on real estate. It has concentrated its servicing capabilities.
TSB Bank: Retail bank based in the United Kingdom. Acquired by Banco Sabadell in July 2015.
Branch network
At the end of the year 2014, Banco Sabadell operated through 2,310 branches and had 17,529 employees.
Halifax is a British banking brand operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group.
Lloyds Bank plc is a major British retail and commercial bank with a significant presence across England and Wales. It has traditionally been regarded one of the "Big Four" clearing banks.
Bank of Scotland (Ireland) Limited was a wholly owned subsidiary of the Bank of Scotland, which later became part of Lloyds Banking Group. It offered commercial and corporate banking services under the Bank of Scotland brand and retail banking services under the Halifax brand. From 10 February 2010 the bank no longer accepted new business and it ceased to operate as a licensed bank on 31 December 2010. The assets of the bank were merged into Bank of Scotland plc.
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks have mostly existed as a separate category in Europe.
Lloyds Bank Canada was a wholly owned Canadian subsidiary of Lloyds Bank Plc of the United Kingdom from 1986 to 1990. Its headquarters were in Toronto, and it had 53 branches throughout Canada. It functioned as a member of the Lloyds Bank Group, whose overseas domestic banking interests also included the National Bank of New Zealand.
La Caixa, also known as the "La Caixa" Foundation, is a not-for-profit banking foundation based in Spain, with its headquarters in Palma de Mallorca since October 2017.
The Big Four is the colloquial name given to the four main banks in several countries where the banking industry is dominated by just four institutions and where the phrase has thus gained relevance. Some countries include more or fewer institutions in such rankings, leading to other names such as Big Three, Big Five, or Big Six.
Bank of Scotland International Limited was the international banking division of Bank of Scotland. Established in 2003, it was headquartered in Jersey, and operated branches on the Isle of Man and Hong Kong, until merging with Lloyds TSB Offshore in 2011 as Lloyds TSB International brand.
Banca March, S.A., is a Spanish investment bank and financial services company headquartered in Palma and Madrid.
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.
Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.
Banco Patagonia is an Argentine commercial bank headquartered in Buenos Aires, and has 200 service points located in the main cities and capitals of the provinces of Argentina. The company operates in the individual, as well as small and medium-sized business banking segments, and has currently more than 775,000 clients.
Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialised in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Gloucester Building Society. Its headquarters were in Barnwood, Gloucester, Gloucestershire, England. C&G was closed to new mortgage and savings business on 9 September 2013.
TSB Bank plc is a British retail and commercial bank based in Edinburgh, Scotland. It has been a subsidiary of Sabadell Group since 2015.
Lloyds Bank International is a wholly owned subsidiary of Lloyds Bank Corporate Markets in the United Kingdom, which is in turn part of Lloyds Banking Group, one of the largest banking groups in Europe.
Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, Portugal, Mexico, South America, Turkey, Italy and Romania.
Sabadell Solbank was a Spanish bank owned by Banco de Sabadell, which focussed on retail banking for Europeans living in the coastal areas of southern Spain. In 2014, it was fully integrated into the parent company.
Black Horse Limited is a motor finance company based in the United Kingdom. It was formed in July 2001, as a wholly owned subsidiary of Lloyds Banking Group, but its origins can be traced back to 1922.
Fundación Caja Cantabria is a Spanish banking foundation based in Santander. It is the entity resulting from the transformation, in 2014, of Caja de Ahorros de Santander y Cantabria, a savings bank whose commercial name was "Caja Cantabria", which had transferred its financial activity to Liberbank in 2011. Its activity consists of the maintenance and dissemination of the heritage and the social and cultural work inherited from the savings bank.
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€213 million (2022 1Q) [1] 
18,985 (2022 1Q)
