Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

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Banks

Carney: UK is ‘investment banker for Europe’

The governor of the Bank of England has repeated his calls for a “smooth and orderly” UK exit from the EU, saying that a transition out of the bloc will happen, it was just a case of “when and how”. Responding to the BoE’s latest bank stress tests, where lenders overall emerged with more resilient […]

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Categorized | Equities

Sabadell shares slide after major shareholder sells stake


Posted on November 22, 2016

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.