BBVA has reduced its stake in Telefónica from 5.007% to 1.965%, thus ceasing to appear among the significant shareholders of the telecommunications group, according to records from the National Securities Market Commission (CNMV) consulted by Europa Press.
The sale of shares is part of the dynamics of recent years, after the bank reiterated in 2023 the non-strategic nature of this stake and gradually reduced its weight in the capital, from levels close to 10% to around 5% at the end of 2025, according to market sources.
In parallel, this adjustment was accompanied by BBVA's exit from the board of directors. José María Abril, vice-chairman and proprietary director representing the entity since 2007, did not renew his mandate at the March meeting as the bank's stake fell below the approximate threshold of 6.6% required for this type of seat, being replaced by Australian executive Jane Thompson as an independent director.
Thus, BBVA has been excluded from the stable core of shareholders, formed by the State Industrial Holdings Company (SEPI), with 10% of the capital; CriteriaCaixa, with 9.9%; and STC, with 9.969%. In this context, and according to market sources, the bank's presence in Telefónica already had a purely financial profile, so the operation is due to a portfolio management decision, with no effect on the operator's governance, stability, or strategy, which retains a robust reference shareholder base.
The recent stock market performance is interpreted in a sectoral context, with declines in June in line with other European operators, while the business link between both companies continues normally as major groups of the Ibex 35.
"MAGNIFICENT" RELATIONSHIP WITH TELEFÓNICA
"We have a magnificent relationship with Telefónica in many areas and we will continue to collaborate on the multiple projects we have together," BBVA sources told Europa Press.
The bank's shareholding in the 'teleco', consisting of 111,399,914 shares and valued at 3.514 euros per share, amounts to approximately 391.5 million euros, in a session in which Telefónica's shares were barely down 0.06% around 10:20 a.m. this Wednesday.