Goldman Sachs has trimmed its participation in BBVA and Santander, easing away from a position as a major shareholder. In both banks, the stake has risen markedly in recent days, reaching just over 7 percent according to data reviewed from the National Securities Market Commission and cited by Europa Press. The move signals a shift in the balance of influence among major global investors in these Spanish lenders, with implications for governance and strategic direction in the near term.
During the most recent week, Goldman Sachs disclosed a stake of 7.409 percent in BBVA. The exposure is largely mediated through derivatives and client transactions conducted via Goldman Sachs trading desks, meaning the economic risk and potential voting influence are distributed across multiple financial instruments rather than a single, bare equity holding. This reflects a common pattern among large institutions that manage risk through synthetic positions while maintaining an appearance of ownership in the underlying shares.
Earlier in the year, the US bank had already entered BBVA’s capital with a 5.9 percent stake, predominantly via financial instruments. That position quickly diminished to 0.760 percent as market dynamics and hedging needs evolved, illustrating how rapidly such holdings can be altered based on short-term risk appetite and regulatory signaling. The latest disclosure shows a total participation of 1.037 percent, with voting rights comprising 0.673 percent and the remainder, 0.364 percent, held through other financial instruments. Taken together, Goldman Sachs controls roughly 62.4 million BBVA shares valued at about €352 million, calculated at the current share price of €5.649. This composition underscores the dual nature of the investment, combining direct voting power with instrument-driven exposure that can be adjusted as market conditions change.
As the stake reduces, BlackRock reemerges as the dominant shareholder in BBVA, owning 5.917 percent of the bank’s capital and reinforcing a scenario where a single institution maintains a substantial, concentrated influence on governance and strategic oversight. This reordering of ownership highlights the ongoing role that large asset managers play in shaping the direction of major European banks and the potential ripple effects for governance practices and capital allocation decisions.
Similar dynamics are at play with Santander. Goldman Sachs reported a position of 7.465 percent last week, primarily built through financial instruments, but that stake has since declined to 0.608 percent, equivalent to about 102.2 million shares. The combination of voting rights at 0.243 percent and instrument-based exposure at 0.365 percent is currently valued around €288 million, based on Santander’s trading price of €2.818 per share. The rapid shift again emphasizes how the use of derivatives and structured products allows a big investor to modulate influence while managing risk across multiple market environments, including periods of volatility in the European banking sector.
The decrease in Goldman Sachs’ stake positions BlackRock once more as the principal investor in Santander, where the asset manager holds 5.426 percent of the capital. Santander’s shareholder landscape thus presents a clearer hierarchy, with BlackRock at the top followed by Dodge & Cox with 3.038 percent and Norges Bank at 3.006 percent. This ranking reveals how a small group of global institutions can wield outsized influence in the governance and strategic contours of major banks, influencing decisions on capital adequacy, expansion plans, and supervisory compliance while markets digest these shifts in ownership.