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    Marta Sánchez Romero

    senior equity analyst at Citi

    Marta Sánchez Romero is a senior equity analyst at Citi specializing in European banks, with coverage including major financial institutions such as KBC Group and ABN AMRO. She has provided investment insights leading to price target adjustments, such as her recent update on KBC Group, and is part of the core analyst coverage team for ABN AMRO among other large-cap names in the sector. Her career at Citi focuses on detailed analysis of European financials, recognized by institutional investors and reflected in consensus contributions, although specific quantitative performance metrics and detailed career history prior to Citi are not publicly available. Professional credential information and formal ranking data are not disclosed in public sources.

    Marta Sánchez Romero's questions to CaixaBank/ADR (CAIXY) leadership

    Marta Sánchez Romero's questions to CaixaBank/ADR (CAIXY) leadership • Q1 2025

    Question

    Marta Sánchez Romero of Citigroup Inc. inquired about the drivers for Net Interest Income (NII) going forward, including guidance for 2026 and beyond, and sought an update on off-balance sheet DTAs and their impact on capital generation. She also questioned the timing of the approved share buyback.

    Answer

    Javier Pano Riera (executive) reiterated the 2025 NII guidance, noting positive trends in deposit volumes and composition. He projected NII for 2026 to be at or above 2025 levels, and above €11.5 billion in 2027 based on the current yield curve. Regarding DTAs, he confirmed a €3.2 billion off-balance amount and stated the quarterly write-back run rate could continue. On the buyback, he emphasized the company's aim for frequent and recurrent distributions, noting a recent dividend and buyback completion, while retaining discretion on the timing of the next one.

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    Marta Sánchez Romero's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Marta Sanchez Romero from Citigroup Inc. asked for details on the strong deposit growth in Spain, questioning if there were any one-offs, and inquired about the rationale for maintaining a capital buffer seemingly higher than the European average.

    Answer

    CEO Gonzalo Gortázar confirmed the deposit growth was genuine with no one-offs. Regarding capital, he agreed they are comfortable with their buffer and that a final target will be set with the new 3-year plan, but he would be surprised if the new counter-cyclical buffer was fully passed through. CFO Javier Pano guided for mid-single-digit deposit growth for the year and disclosed a public sector deposit balance of circa EUR 20 billion.

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    Marta Sánchez Romero's questions to CaixaBank/ADR (CAIXY) leadership • Q2 2024

    Question

    Marta Sanchez Romero from Citigroup asked for clarification on the impressive deposit growth in Spain, questioning if there were any extraordinary inflows. She also questioned the rationale for maintaining a higher MDA buffer compared to European peers.

    Answer

    CEO Gonzalo Gortázar confirmed the deposit growth is genuine, driven by a more liquid environment and strong business activity, not one-offs. Regarding the MDA buffer, he agreed the bank feels comfortable but explained the final capital target will be decided in the context of the full three-year strategic plan to be presented in November. CFO Javier Pano added that public sector deposits stood at circa EUR 20 billion and are a key driver of the high percentage of indexed deposits.

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    Marta Sánchez Romero's questions to CaixaBank/ADR (CAIXY) leadership • Q4 2023

    Question

    Asked about any exit plan for the state's (FROB) stake and sought reassurance about the NII outlook for 2025, questioning potential hedging strategies and deposit repricing dynamics.

    Answer

    The bank cannot comment on discussions with shareholders like FROB. For 2025 NII, the outlook is consistent with their disclosed ~5% sensitivity to a 100bps rate drop. While more hedging is possible, they will be cautious. They are confident in their ability to manage deposit costs effectively, preventing a sharp drop in NII.

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    Marta Sánchez Romero's questions to Banco Santander (SAN) leadership

    Marta Sánchez Romero's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Marta Sánchez Romero asked for the rationale behind a potential spin-off of the U.K. motor finance business and questioned the progress of Openbank in Mexico, including deposit gathering and the competitive landscape.

    Answer

    Executive Hector Blas Grisi Checa explained that managing the motor finance business as a separate, distinctly funded entity is part of a global strategy that allows for easier expansion. Regarding Mexico, he stated the economy is performing well, the credit portfolio is healthy, and Openbank is gaining good momentum with weekly customer growth. He emphasized a focus on organic growth in the region.

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    Marta Sánchez Romero's questions to Banco Santander (SAN) leadership • Q1 2024

    Question

    Marta Sánchez Romero of Citi raised concerns about capital, asking if the 12% CET1 target is appropriate if a potential counter-cyclical buffer reduces the MDA buffer. She also questioned the U.K. earnings outlook and asked for clarification on the group's revenue growth guidance.

    Answer

    CFO José García Cantera clarified that the revenue guidance of near double-digit growth is in constant euros (with Argentina in current euros). CEO Héctor Grisi reiterated the year-end capital target of 12.40%-12.50% and the goal of being above 12% after Basel III. Cantera added that any counter-cyclical buffer would have a one-year implementation lag and the board may review targets if variables change.

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    Marta Sánchez Romero's questions to Banco Santander (SAN) leadership • Q3 2023

    Question

    Asked about the possibility of restructuring charges from the new reporting structure, the outlook for U.S. operating expenses given recent hiring, and the expected tax rate in Brazil for 2024.

    Answer

    The company does not expect any restructuring charges; the new structure aims to lower costs. The U.S. hiring is a complement to the existing CIB business and is expected to generate revenue quickly. Regarding the Brazilian tax on interest on capital, the proposal is not yet approved and its final form is uncertain.

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    Marta Sánchez Romero's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Marta Sánchez Romero's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Marta Sánchez Romero from Citi questioned the outlook for capital optimization, asking about future generation from risk transfers and the P&L impact. She also sought clarity on the future trajectory for the cost of deposits in Spain and the reasons for its increase in Mexico despite lower rates.

    Answer

    CFO Maria Gomez Bravo indicated that synthetic risk transfers (SRTs) are an ongoing process and to expect a 'good pace' of capital contributions quarterly, without providing a specific target. CEO Onur Genç addressed deposits by shifting focus to Net Interest Margin (NIM), which he expects to see only a very slight decline in Spain. For Mexico, he explained the higher cost of deposits was due to taking in institutional funds, but highlighted that NIM actually increased by 6 basis points and is expected to remain stable.

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    Marta Sánchez Romero's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Marta Sánchez Romero from Citigroup Inc. asked about capital optimization, seeking details on the expected future contribution from risk transfer transactions. She also inquired about the outlook for the cost of deposits in both Spain and Mexico, noting the divergent trends in the quarter.

    Answer

    CFO Maria Gomez Bravo confirmed that synthetic risk transfers (SRTs) are an ongoing process and that there will be a 'good pace' of contributions throughout the year, though she did not provide a specific number. CEO Onur Genç addressed the cost of deposits, emphasizing a focus on Net Interest Margin (NIM) going forward. He noted Spain's NIM is expected to see only a very slight decline, while Mexico's NIM actually increased by 6 bps in the quarter and is expected to remain stable, supported by ALCO strategies.

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    Marta Sánchez Romero's questions to ING GROEP (ING) leadership

    Marta Sánchez Romero's questions to ING GROEP (ING) leadership • Q4 2024

    Question

    Marta Sánchez Romero of Citi asked if the Russia exit signals a broader review of ING's geographic footprint and whether more actions to address suboptimal markets could be expected.

    Answer

    Executive Steven van Rijswijk positioned the Russia exit as a specific situation driven by the war, consistent with prior statements. He affirmed that the company continuously evaluates all businesses for long-term returns, citing past retail exits in the Czech Republic, Austria, and France as evidence of this ongoing portfolio optimization strategy.

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