• Banco Sabadell reiterates its commitment to deliver recurring remuneration to its shareholders Replaces Leopoldo Alvear, who leaves the Group after four years as Chief Financial Officer, to join Société Générale 
  • Palavecino has been with Sabadell since 2001, and was most recently Deputy General Director responsible for Financial Management and Corporate Operations, reporting to, and working closely with, Alvear 

31 October 2024 

Banco Sabadell Group has appointed Sergio Palavecino as its new Chief Financial Officer, replacing Leopoldo Alvear, who is leaving the Group to join Société Générale as CFO.  

Palavecino joined Banco Sabadell in 2001 and has held a number of senior management roles at Sabadell over that time. Most recently, Palavecino has held the role of Director of Financial Management and Corporate Operations, reporting into, and working closely, with Alvear.  

Since taking on this role in 2021, Palavecino has played an integral part in the transformation of the Bank’s financial position. He has been responsible for managing the group’s balance sheet and structural risks, including the ALCO portfolio, structural interest rate and currency risk, and financing and capital management, as well as corporate operations. Prior to that, Palavecino directed the budgeting and management control of the different Banco Sabadell businesses. He has built deep and long relationships with investors, rating agencies and the market over the last 23 years with the Bank. 

Specifically, in the last four years, Sabadell has multiplied its stock market value fivefold, after going from 0% profitability in 2020 to exceed 13% during 2024, with a capital level comfortably above 13%, and a very high capacity to increase solvency quarter by quarter on a recurring basis. 

César González-Bueno, CEO of Banco Sabadell commented: “Over the past four years, Leo has made a great contribution to Sabadell, helping us restore faith in the bank and deliver our transformation strategy. We thank Leo for his commitment and leadership, and wish him all the best in his future role.”  

“Having been with Sabadell for over 20 years, and working alongside Leo for the past four, Sergio has been an instrumental part of the transformation of Sabadell. Sergio’s strong relationships with investors and the market position him to hit the ground running when he takes over the role. I am looking forward to working even more closely with Sergio as we continue to deliver profitability and value for shareholders.”   

Leopoldo Alvear commented: “It has been a privilege working with Cesar and the Banco Sabadell team over the last four years. I leave Sabadell with a strong balance sheet and recurring profitability higher than its cost of capital. I am confident that with Sergio in the role the Bank will continue its track record of delivering sustainable and attractive returns for shareholders.”  

Incoming CFO, Sergio Palavecino commented: “Following the transformation undertaken in recent years, we face the challenge of ensuring that the market appreciates the full potential of the Banco Sabadell project, which is enormous. I am convinced that we will ensure that the group continues to grow, increasing its profitability and creating value for shareholders and satisfaction for its customers. I am very excited to lead this process from the Financial Department, together with the CEO.”