Normality returns for Sabadell and BBVA after 17 months mired in the hostile takeover bid. After the conclusion of the operation, which ended with the failure of the Basque entity to acquire the Catalan one, the two entities launched themselves into the commercial war with more intensity than ever and broke through the market with respective offer campaigns to attract new customers, with particular attention to payrolls.
The banks eagerly awaited the outcome of the offer. Industry syndicates are usually used by rivals to gain market share, as many customers decide to take advantage of the opportunity to change entities. These are the so-called negative synergies in the industry. Executives at major banks agree that these negative synergies emerge only when the merger itself is executed and technology products or services begin to change, although some entities began to perceive leaks from customers as early as the last month before the resolution of the tender offer, in which the hostility between the two entities reached its peak.
Both BBVA and Sabadell went to work cutting him. In recent weeks they have intensified their commercial campaigns. As for the bank managed by Carlos Torres, on its website it offers up to 760 euros to open your account online. Specifically, he pays 400 euros in paychecks, to which are added the return of Bizums, receipts and card payments of up to 10 euros per month each (120 euros per year for each concept). Furthermore, in recent weeks, it has strengthened this campaign with phone calls to selected customers to increase their connection with the entity.
For Sabadell’s part, it has just launched its own offer, on the occasion of Black Friday, and is positioned with the highest prize for its future customers on the market. Offer up to 980 euros. Like BBVA, it pays 400 euros for payroll and Bizum activation, which amounts to 2% for savings of up to 20,000 euros and up to 180 euros if you return 10% of the Bizum sent.
The truth, however, is that neither entity has stopped acquiring customers quarter after quarter. According to BBVA’s results between January and September, it already has more than 80 million active customers, 5.4% more than the same period last year and growth of 4% on the year. Compared to the second quarter, however, the number of new customers increased by only 1.26%, a significantly slower pace than previous quarters. The bank also believes that 66% of customer acquisition occurs through digital channels. In the first nine months the figure reached 8.7 million, compared to 8.5 million a year ago.
Sabadell, which has not yet presented its third quarter results, does not communicate the quarter-by-quarter evolution of its number of customers, which according to its website exceeds 11 million. What the bank has declared is that it has based the improvement in results in recent months on sustained growth in volumes, with which it has managed to compensate for the decrease in revenues due to the cut in interest rates.
In the second quarter, customer resources (including current accounts) grew by 0.5% compared to the previous quarter and by 5.2% compared to the previous year’s figure, reaching 217,543 million. However, this bank’s growth in recent months has been greater in the credit sector. In mortgages, for example, production grew 21% compared to 2024 and 10% compared to the previous quarter.
BBVA, on the other hand, was happier about this product. CEO Onur Genç admitted in the latest press conference to present the results that, faced with the price war, they are losing market share. The mortgage loan portfolio in Spain grew by only 1.1% in the last quarter.
