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Spain’s Cabinet Begins 30-Day Review of BBVA’s Banco Sabadell Takeover

Brussels will monitor Spain’s EU compliance after Economy Minister Carlos Cuerpo elevated the bid on wider public interest grounds

El ministro de Economía, Comercio y Empresa, Carlos Cuerpo, durante una sesión de control al Gobierno en el Senado, a 27 de mayo de 2025, en Madrid (España). El Gobierno tiene que hacer frente hoy en el Senado a dos cuestiones especialmente relevantes: po
El ministro de Economía, Carlos Cuerpo, y el presidente del BBVA, Carlos Torres Vila, en el curso de verano de la Asociación de Periodistas de Información Económica (APIE) el pasado junio.
El ministro de Economía y Comercio, Carlos Cuerpo, durante una rueda de prensa posterior al Consejo Interterritorial de Internacionalización, en la sede del Ministerio, a 19 de mayo de 2025, en Madrid (España).
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Overview

  • Minister Carlos Cuerpo formally sent BBVA’s offer for Banco Sabadell to the Council of Ministers on May 27, citing impacts on public interest beyond competition
  • The Council has until June 27 to decide on the bid and may impose additional conditions on top of those agreed with the CNMC
  • BBVA says the merger will boost annual lending capacity by €5 billion and has pledged unprecedented commitments to protect jobs and regional service levels, while Sabadell insists its standalone plan delivers stronger shareholder returns
  • The Generalitat de Catalunya and Catalan nationalist parties oppose the acquisition over fears it could reduce competition and limit credit access for local businesses
  • The European Commission is scrutinizing Spain’s decision for alignment with EU law and Minister Cuerpo expects no conflict with Brussels during the review