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4mo ago

BBVA Takeover of Banco Sabadell Awaits Spanish Government's Final Decision

The Ministry of Economy deliberates whether to escalate the merger case to the Council of Ministers as BBVA emphasizes compliance and consumer support.

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El president del Banc Sabadell, Josep Oliu (esquerra), i el president del BBVA, Carlos Torres Vila, el juny del 2024. | RICARDO RUBIO / EUROPA PRESS
El presidente del BBVA, Carlos Torres Vila, durante una junta de accionistas.

Overview

  • The Ministry of Economy has until May 27 to decide whether to refer BBVA's takeover bid for Banco Sabadell to the Council of Ministers for potential additional conditions.
  • BBVA has highlighted its compliance with regulatory frameworks, securing 27 approvals, including a unanimous CNMC endorsement after a year-long review.
  • Consumer group Asescon submitted a favorable report during the government’s public consultation, citing BBVA's commitments to financial inclusion and consumer protections.
  • Carlos Torres, BBVA's president, reiterated the merger’s benefits for stakeholders and emphasized trust in institutions and adherence to legal norms.
  • The public consultation, initiated by Pedro Sánchez, has added uncertainty to the process, with stakeholders awaiting the government's next steps.