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CORRECTED-Spain's Sabadell says not increasing sovereign debt holdings
July 25, 2012 / 11:09 AM / 5 years ago

CORRECTED-Spain's Sabadell says not increasing sovereign debt holdings

(Corrects CFO to CEO in 3rd paragraph)

MADRID, July 25 (Reuters) - Spanish bank Sabadell said on Wednesday it did not increase its sovereign debt holdings in the last few months.

“We’ve not increased our position, we’ve maintained it or even reduced it in the last months,” said Sabadell chairman Josep Oliu at a news conference.

Chief Executive Officer Jaume Guardiola said the bank did buy Spanish sovereign debt earlier this year when lenders benefited from cheap loans from the European Central Bank but did not buy recently.

Sabadell’s first-half profit fell sharply as the lender took a big hit from potential losses on toxic property assets, a pattern likely to be repeated across the sector as Spanish banks clean up soured real estate deals. (Reporting by Sonya Dowsett, writing by Julien Toyer; Editing by Jesus Aguado)

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