Shares in Banco de Sabadell are falling on an otherwise upbeat day for European bank stocks, after one of the Spanish bank’s largest individual shareholders sold the majority of his stake.
Shares in Sabadell are down 4.2 per cent at publication time, to €1.21, after Colombian billionaire Jaime Gilinski sold a 2.99 per cent stake in the bank at a discount to yesterday’s closing price.
Mr Gilinski, Colombia’s second richest man, now owns only 2.04 per cent of Sabadell shares, having previously been its biggest single shareholder with as much as 7.5 per cent.
In the rest of the continent, in contrast, financial stocks are sharing in the generally positive mood as record highs in Wall Street boost confidence. Despite the drag from Sabadell, the eurozone-wide Euro Stoxx Banks Index is up 1.3 per cent.