May 15, 02:20 AM

Abanca Rejects Sabadell Merger; BBVA Takeover Faces Public Consultation, 2,500 Job Cuts, and May 27 Decision Deadline

Abanca has publicly denied reports of merger talks with Banco Sabadell and Unicaja, with its president, Juan Carlos Escotet, stating there is 'clearly a resounding no' to any such operation. This statement follows speculation about Sabadell's search for alternatives amid BBVA's takeover bid. The Spanish competition authority, Comisión Nacional de los Mercados y la Competencia (CNMC), has indicated that while only Sabadell was admitted as an interested party in the BBVA-Sabadell takeover process, the views of other entities were considered. The CNMC's president described BBVA's commitments in the takeover bid as 'proportionate and sufficient,' and the authority believes there is adequate competition to approve the deal under the agreed conditions. The CNMC consulted 58 entities during its review. The Spanish government has launched a public consultation on BBVA's bid for Sabadell, which is set to conclude on Friday. Sabadell is finalizing its response to the consultation, aiming to consolidate arguments of general interest against the operation. The Ministry of Economy will use feedback from the consultation to inform its decision, with a deadline to bring the matter to the Council of Ministers by May 27. The Confederación de Empresarios de Galicia (CEG) has formally opposed BBVA's takeover of Sabadell, arguing it would significantly weaken credit availability for small and medium-sized enterprises (SMEs) in Galicia, even with BBVA's proposed guarantees. In contrast, the Asociación Española de Consumidores (Aescon) has expressed support for the bid, citing potential benefits for banking users and assurances for Sabadell clients. Reports suggest that BBVA could cut up to 2,500 jobs following the acquisition and integration of Sabadell.

#Abanca #Banco Sabadell #Unicaja #Juan Carlos Escotet #Sabadell #BBVA #Spanish #CNMC #Spanish government #Ministry of Economy #Council of Ministers #CEG #Galicia #Asociación Española de Consumidores #Aescon

Written with ChatGPT (GPT-4).

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Abanca Rejects Sabadell Merger; BBVA Takeover Faces Public Consultation, 2,500 Job Cuts, and May 27 Decision Deadline

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