Shareholder Value Creation of Banks in Spain: 1991-2010 (in Spanish)

Abstract

We compute the Shareholder Value Creation of Santander, BBVA, Popular and Bankinter between 1991 and 2010. The shareholder value creation during this period was: Santander -24 billion euros; BBVA -22; Popular 1.6 and Bankinter 0.6.

The average shareholder return was: Santander 12.7%; BBVA 11.5%; Popular 8.5% and Bankinter 8.9%. However, the weighted shareholder return (taking into consideration the number of shares outstanding at different dates) was quite different: Santander 7.6%; BBVA 6.7%; Popular 13.1% and Bankinter 13.5%.

Note: Downloadable document is Spanish.

Keywords: Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return

JEL Classification: G12, G31, M21