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BBVA Declines Public Consultation as Takeover of Banco Sabadell Faces Union Opposition

The Spanish Economy Ministry reviews input from an unprecedented consultation, with BBVA asserting no grounds for new conditions and unions warning of significant job losses.

El presidente de BBVA, Carlos Torres, y el presidente del Gobierno, Pedro Sánchez, en 'La Vela', sede de BBVA en Madrid.
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Overview

  • The public consultation on BBVA's hostile takeover bid for Banco Sabadell closed on May 16, with BBVA opting not to participate directly.
  • BBVA maintains that there are no general interest factors affected by the merger, citing commitments already agreed with the CNMC to support financial inclusion and SME credit access.
  • Unions CC.OO. and UGT submitted concerns, warning the merger could result in up to 10,600 direct job losses and reduced financial services in rural areas.
  • The Economy Ministry, led by Carlos Cuerpo, is analyzing the consultation responses and must decide by May 27 whether to escalate the matter to the Council of Ministers.
  • If referred, the Council of Ministers will have 30 days to approve the deal, impose additional conditions, or confirm the CNMC's conditional approval.