The involvement of the American financial giant, bought on behalf of other investors, makes it the main shareholder of both banks and is valued at more than 6,000 million euros on the stock market.
Goldman Sachs becomes a major shareholder of both Santander Bank, as reported by the financial institution to the National Securities Market Commission CNMV. BBVA holds more than 7 percent of the capital of both institutions. The moves were executed on December 2, according to regulator documents, but details were not made public until Monday after mandatory CNMV notification. The combined market value of the shares in both entities tops 6,000 million euros. A sizable portion of these holdings is expressed through financial derivatives.
Goldman Sachs’s action has stirred chatter in the financial sector. Analysts wonder whether Goldman bought these shares under the umbrella of a US bank or if the positions were established for other investors. Market sources indicate that both subsidiaries act as agents for client transactions, taking positions on behalf of specific investors, especially mutual funds. The trades in question can be diluted over a short span or sustained for longer periods depending on investor objectives. It is also noted that holdings established through derivatives do not grant an automatic entry into the boards of Santander or BBVA.
In Santander, Goldman Sachs first appeared with a 7.465 percent stake in the bank’s equity. This equates to roughly 1,200 million shares with a total value around 3,485 million euros at current prices. About 7.198 percent of the shares are held through financial instruments such as options, futures, and swaps, while the remaining 0.297 percent carries voting rights. At this moment Goldman Sachs leads other large Santander holders like BlackRock, which controls 5.426 percent, Dodge & Cox with 3.038 percent, and Norges Bank with 3.006 percent.
As for BBVA, the American bank entered the bank’s capital in mid-April, initially holding 5.9 percent mainly via derivatives, then reducing to 0.760 percent. Since then, it has stayed at this level, now reporting a 7.409 percent stake worth 2,455 million euros given current listing prices. BlackRock remains a close second with 5.917 percent.
In both Santander and BBVA, Goldman Sachs controls a significant portion of equity through derivatives, with the balance represented by voting rights. The broader market context shows a renewed interest from international investors in Spanish banks, driven in part by recent adjustments and price movements that have not always reflected the banks’ underlying potential. The timing also coincides with debate over a government bank tax that would raise about 3,000 million euros. The banking industry lobby group and the banks themselves have criticized the measure, warning it could dampen financial activity, Spain’s growth prospects, and job creation.
This development mirrors a wider trend where global investors seek exposure to European banks during periods of price resets and regulatory shifts. Analysts caution that moves of this kind can be dynamic, with positions changing quickly as institutional clients adjust portfolios in response to market conditions, currency fluctuations, and earnings outlooks. The current situation highlights how major global players use a mix of direct holdings and derivative contracts to build influential stakes while managing risk and liquidity across diverse markets.
The regulatory process continues to unfold as authorities review the implications for corporate governance, minority rights, and potential conflicts of interest. Observers note that even when large shareholders accumulate stakes through complex instruments, the day-to-day governance of Santander and BBVA remains rooted in their independent boards and management teams. Stakeholder dialogue and clarity about investment motives are seen as crucial so markets can accurately assess the banks’ strategic direction, capital adequacy, and long-term stability. Cited: CNMV filings and market briefings.