“Innovation will determine the business model of banks,” declared Josep Oliu, President of Banc Sabadell, at the most recent session of Matins ESADE, sponsored by Bluecap and organised in collaboration with La Vanguardia. During his conversation with Maite Barrera, President of ESADE Alumni, Mr. Oliu noted that the banking revolution is based on the capacity to better identify customers’ needs through the use of big data. “Innovation allows us to adopt a more familiar attitude towards our customers, to get to know them better,” noted Mr. Oliu. 

During his remarks, Mr. Oliu observed: “Banc Sabadell’s biggest milestone was its public offering in 2001, and its second most important moment was the migration of the bank’s information system.” 

During his chat with Ms. Barrera, a founding partner at Bluecap, Mr. Oliu reviewed the history of Banc Sabadell. “The period from 1999 to 2001 was the most important period in the bank’s history” because it coincided with the platform changeover, he explained. “This allowed us to move away from our old business model in terms of how we related to customers – that is, banking on a personal level – in order to lay the groundwork for subsequent consolidation.” 

Acquisition of Banco Atlántico and presence in the United Kingdom

“The purchase of Banco Atlántico in 2003 was our stock market debut,” commented Mr. Oliu. “This acquisition doubled the size of the bank and made us stronger, while also enabling us to consolidate our presence in eastern Spain.” 

In reference to the bank’s presence in the United Kingdom and its stance with regard to Brexit, Mr. Oliu commented: “In 2017, we developed a cutting-edge platform in the United Kingdom – the most modern platform currently in existence anywhere in Europe. In the past year, we haven’t lost any customers in the United Kingdom, nor have we seen any decrease in our balance or any erosion of our brand. In the end, it will turn out to have been a good investment.” In response to a question about the concentration of banks in Europe, Mr. Oliu replied: “It is more complicated because there are synergies and we have different legal systems.” 

Relocation of headquarters

In response to a question about the relocation of the bank’s headquarters, Mr. Oliu commented: “Moving our headquarters was a pressing need. Money is easily spooked. When a company perceives that a particular place has legal uncertainty or a problem that could endanger its money, it has to move its headquarters.” He added: “On 2nd October 2017, we started to see withdrawals from the bank. We understood perfectly well the reason for it and we knew what we had to do: contain the risk and address the fear that Catalonia could leave the EU by moving our headquarters to a place that seemed safer. It wasn’t about politics. It was just a technical matter. We had already taken precautionary measures two years earlier.”