Banco Sabadell closed the year 2020 touching the ‘red numbers’ after reduce 99.7% of your profit. The financial group earned two million euros at the end of the period by making extraordinary provisions of 2,275 million to cover the deterioration of the economy in the markets where it operates -mainly Spain- and to clean up its balance sheet due to a foreseeable increase in defaults in the next few months.
The Catalan bank is immersed in a process of transformation after its attempted merger with BBVA failed at the end of last year. These changes will entail the replacement of the CEO, Jaime Guardiola, by César GonzÃ¡lez-Bueno, and the presentation of a new strategic plan next May. Within these movements, Sabadell today announced the signing of Leopoldo Alvear Trenor, current Bankia financial director, as General Director of the Finance Department.