Important for years, Blackrock it is currently of decisive relevance for a large part of the Spanish banking sector. The New York fund manager has remained the main foreign investor in most Spanish banks, with the ability to send the market a message of confidence or mistrust about the entities. Since the departure of Norges Bank BBVA and Sabadell this past week, their presence is even more decisive.
This Thursday night, Blackrock informed the CNMV that it was betting on Bankia taking advantage of its demolition prices and expanding its participation to 4.3%. Coincidence or not, after that a value that had lost 15% since Tuesday recovered and rose 4.37% on Friday. Blackrock is the benchmark in Bankia after the State and the first investor in Banco Sabadell, Santander and BBVA. In the blue bank, Blackrock has 5.917%. In the red bank, 5.426%. At Caixabank and Bankinter it has approximately 3.5%.
With all this presence of relevance in banking, Blackrock’s ability to endorse the situation of a certain entity is increasingly discussed in the market. For example, some investors believe that the entity led by Aitor Jaúregui It could send a message of confidence in Sabadell, an entity with much better fundamentals than the market is discounting, by increasing its participation. At Bankia, an entity backed by -and with the risk of the State-, Blackrock’s support has been noted in the listing and sends a clear signal to the market.
The investors they tend to prefer financial institutions that have a group of major controlling shareholders, around 15%. This situation occurs in Bankinter, where Jaime Botín controls 22% through Cartival, or in Caixabank, where the Fundación Bancaria La Caixa controls approximately 40%.
For the other entities, Blackrock it seems like a key participant, which will have a lot to say in the coming months in the gale environment for the sector, especially after the manager of Norway’s oil surplus hit the scare and left BBVA and Sabadell last week.