BBVA Chairman says he will not step down despite failure in Sabadell bid

MADRID, Oct 17 (Reuters) – The chairman of Spain's BBVA , Carlos Torres, said on Friday he would not resign despite the bank's failure to convince Sabadell shareholders to back its 16.32 billion euro ($19.1 billion) hostile takeover bid. "No, I have repeatedly stated in the past that the outcome of this process had no bearing whatsoever on my continuity at the bank," Torres said when asked whether he was considering stepping down. Torres said both he and Chief Executive Officer Onur Genc had the support of the entire BBVA board and its shareholders. The bid's failure is considered a blow for Torres, the architect of the offer. ($1 = 0.8545 euros) (Reporting by Jesús Aguado; Writing by Emma Pinedo; Editing by David Latona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)