Sabadell moved to convince shareholders it should stay independent on Friday by raising its payout policy to 3.3 billion euros ($3.43 billion), as the Spanish bank tries to fend off a hostile takeover by its larger rival BBVA.

The Spanish lender aims to offer shareholders €3.3 billion, including more than €1bn in buybacks this year. View on euronews

During the annual earnings presentation of BBVA, Carlos Torres Vila, remarked on the bank’s exceptional ability to generate value for its shareholders.

Sabadell raised its shareholder distribution target on Friday as it seeks to fend off a takeover attempt by rival BBVA, and also posted quarterly and full-year record net profit, driven by strong performances in both Spain and Britain.