Josep Olíu’s reappointment as a consultant will pave the way for another term at the helm of Sabadell Bank, a move that the company believes is essential as shareholders convene the general assembly in Alicante on March 23. Since October 2017, Sabadell has maintained its registered office, and this year the company returns to the Auditorio de la Diputación (ADDA) for the annual meeting, continuing a longstanding preference. The gathering is scheduled for the morning, with the day typically starting around 11 a.m. and winding down in the late afternoon.
Beyond the usual financial reporting, the assembly will consider several key measures proposed by the board, including a dividend distribution and a share repurchase program totaling 204 million euros. The objective is to enhance shareholder remuneration, backed by a strong earnings performance from the prior year. Sabadell closed the year with a net profit of 859 million euros, a rise of roughly 61.9 percent versus 2021. The policy specifies that up to half of earnings might be allocated to shareholder returns in the form of dividends or other rewards.
Nevertheless, the centerpiece of the agenda remains Josep Olíu’s reelection to the board, an initial step toward his potential continuation as chairman. If approved, Olíu would extend his stewardship for four more years, reinforcing leadership continuity at the bank.
Josep Olíu, born in 1949 in Sabadell, has served on the bank’s board since 1990 and assumed the chairmanship in 1999, succeeding his father, Joan Olíu. Despite being in his early seventies, Olíu has consistently declined to discuss retirement publicly. His decision to seek reelection signals that stepping away from leadership is not imminent.
Under his leadership, Sabadell expanded significantly and rose to become one of Spain’s largest banks by asset size. Much of this growth stemmed from strategic integrations and acquisitions. The bank absorbed several regional players that broadened its footprint and solidified its position amid a period when consolidation reshaped the country’s financial landscape. These moves helped Sabadell stand strong as the sector evolved and competition intensified.
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In the face of shifting market conditions, Olíu’s presidency has faced its share of challenges. A notable moment occurred in November 2020 when Sabadell aborted merger discussions with BBVA after pricing concerns derailed the talks. The episode prompted strategic recalibration at the top.
In response, Olíu advocated appointing a new CEO, César González-Bueno, to navigate the post-merger landscape. He handed over executive responsibilities to focus more on the bank’s broader strategic direction, signaling a shift toward stronger governance and sharper decision-making at the corporate level.
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With Olíu’s reelection moving forward, the meeting is also expected to confirm the appointment of a new independent director. The incoming director will join the board alongside the current chairman of Colonial, who will replace the recently resigned Anthony Frank Elliott. This appointment will ensure continued governance oversight while Sabadell advances its strategic agenda.