GQG Partners, which is a big investor in several European banks, was a top-five shareholder in BBVA but sold out this summer after telling the bank’s management team it opposed their contentious attempt to buy Sabadell, according to people familiar with the conversations.

A top Banco Bilbao Vizcaya Argentaria (NYSE:BBVA) investor has sold off its stake over its opposition to the Spanish bank’s 10B-euro ($10.87B) hostile bid for Banco de Sabadell (OTCPK:BNDSF) (OTCPK:BNDSY),

GQG Partners, one of Spanish bank BBVA's biggest shareholders, has sold its stake over the bank's decision to pursue a hostile bid for domestic rival Banco Sabadell, the Financial Times reported on Sunday.

A major shareholder of the Spain-based bank Banco Bilbao Vizcaya Argentaria, or BBVA ($ES:BBVA), has divested its entire stake due to the bank’s