David Martínez decided to leave his seat on the Sabadell board amid the fallout from the failed BBVA takeover bid for the Catalan bank. Martínez communicated his decision by letter to the entity's president, Josep Oliu. The BBVA-Sabadell merger fails and David Martínez faces a major setback in Spain The explanation suggests that the resignation is to be detached from the political and business context surrounding the failed operation. The Mexican businessman had supported the operation from his position on the board. In this scenario, Martínez's position—a businessman with access to the National Palace—lost its margin, and his continuity began to be called into question until this Thursday. 'Leaving the board is an independent decision and not a reflection of the bank's future prospects, which should continue to create value with a very attractive shareholder distribution profile,' a spokesman for the Mexican investor stated. In mid-October, BBVA only managed to secure 25% of Sabadell's capital, far from the goal Torres had set. Within the bank, this result was interpreted as a clear sign of rejection from small shareholders, after Sabadell warned that only 2.8% of its clients with shares had participated in the offer. The setback exposed those who had backed BBVA's strategy.
