Banco Sabadell CEO Opposes BBVA's €8.3 Billion Takeover Bid, Citing Competition Risks and Arguments Against Merger

César González-Bueno, CEO of Banco Sabadell, has expressed strong opposition to BBVA's proposed takeover bid, stating that it lacks rationale and emphasizing that the bank is better off operating independently. He highlighted that the government has sufficient grounds to reject the merger, asserting that the competition should take precedence over shareholder rights. González-Bueno warned of the potential risk of an oligopoly in the SME sector if the takeover succeeds. Additionally, he noted that Banco Sabadell is finalizing its arguments against the merger to present to competition authorities. BBVA is also facing a significant investment of €8.3 billion in the Madrid Nuevo Norte project amid its ongoing bid for Sabadell.