Overview

• BBVA’s board remains undecided on pursuing its €3.7 billion offer after consulting major shareholders and recalibrating its €850 million synergy forecast under the new restrictions.
• Spain’s Economy Ministry barred business integration, personnel cuts and branch closures for an initial three years, extendable to five, limiting key cost-saving plans.
• Banco Sabadell closed the first phase of bids for its British arm TSB, with Barclays and Santander emerging as the leading contenders.
• President Josep Oliu plans to convene an extraordinary shareholders’ meeting within 30 days to secure approval for the TSB divestment.
• The Secretariat of State for Economy will oversee compliance with the conditions and require progress reports before the end of the initial three-year restriction period.