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Norges Bank bets on Sabadell and Unicaja, and reduces exposure elsewhere

23 August 2024 Articles

The Norwegian sovereign wealth fund, the largest globally, is a significant investor in the Spanish stock market, with stakes in nearly 60 listed companies. Norges Bank Investment Management (Norges Bank IM) oversees the fund and holds shares in all Spanish banks.

A significant portfolio change has increased their stake in Sabadell, which was targeted by BBVA's hostile takeover bid. The fund now focuses on banks likely to engage in corporate operations. In the first half of the year, it reduced exposure to most Spanish financial stocks, except for Sabadell and Unicaja. According to Borja Miranda Johansson Managing Director of Sodali & Co, "the fund maintains a long-term investment strategy, avoids corporate operation biases, and actively participates in shareholder meetings."

Read the full article here (in Spanish).

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