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4w ago

Spain Opens Public Consultation on EU Merger Rules as BBVA Advances Sabadell Bid

The government is drafting legislative changes to implement CRD6 to defend its bank merger veto during EU infringement proceedings.

Carlos Cuerpo, ministro de Hacienda, durante su comparecencia en el Congreso de los Diputados para informar sobre los planes de relanzamiento comercial en las zonas afectadas por la DANA.
El ministro de Economía, Comercio y Empresa, Carlos Cuerpo durante una reunión con la comisaria europea de Servicios Financieros, en la sede del Ministerio de Economía, Comercio y Empresa
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Overview

  • Spain must transpose the CRD6 directive into national law by January 11, 2026, and will publish a draft law for public consultation after the summer recess.
  • The European Commission has launched formal infringement proceedings against Spain for retaining a government veto power over bank mergers that Brussels deems incompatible with EU rules.
  • BBVA confirmed it will continue its takeover bid for Banco Sabadell despite government-imposed conditions that are expected to delay €850 million in annual cost synergies.
  • Banco Sabadell has pledged a €2.5 billion special cash dividend for shareholders, financed by the sale of its British subsidiary TSB.
  • Under CRD6, merger approval authority will shift from national governments to supervisors like the ECB, effectively nullifying Spain’s 2014 executive veto powers.