MADRID (Reuters) -Spanish bank Sabadell's board met on Monday to discuss larger rival BBVA's proposal for a 12 billion euro ($12.93 billion) all-share merger, the latest sign of consolidation in the country's banking sector. Sabadell, which has said its board would assess the offer announced last week and has lined up Morgan Stanley and Goldman Sachs to assess its options, declined to comment on Monday on the board meeting. The board could decide to formally enter into talks with BBVA, demand better terms or reject the proposal.
Banco Bilbao (BBVA) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Here is how First Horizon National (FHN) and Banco Bilbao (BBVA) have performed compared to their sector so far this year.