The Spanish financial sector, and especially the investors of BBVA and Sabadell, have reasons to be attentive this Wednesday to what the competition chamber of the National Markets and Competition Commission (CNMC) could decide. As he has been able to know elEconomista.es, In the next few hours, the immediate future of the possible integration of the Catalan entity with the Basque one will be analyzed, in a concentration through a public acquisition offer that could affect the balance of the market.
The big question that rests on the table of the Alcalá Street organization consists of the resolve the technical treatment of the analysis of the aforementioned consolidation: in Phase I, without special objections to the operation or, on the contrary, in taking the matter to the so-called Phase II, with the requirement of a longer period -at least three months- for the thorough study of all aspects of the purchase, which would open questions not only about the authorization of the purchase but also about its terms and conditions.
Market sources suggest that the regulator will take more time to study the operation in Phase II, once the transaction has aroused opposing positions within the organization.
Nevertheless, Some of its experts are inclined to resolve in the first instance, BBVA’s prior commitment to some conditions, because They do not see competition problems in any business segment except in POS terminals. given the strong position of the Catalan bank. Other members of the organization optedOn the other hand, for himtake the file to a more exhaustive analysis due to the hostile nature of the transaction and to guarantee that no aspect remains unscrutinized in the face of the Government’s frontal rejection, and the fears expressed by different business associations and regional executives.
At the same time, BBVA expected an approval in Phase I from the regulator -if perhaps with very manageable conditions-, with the confidence that the organization would use the same methodology applied in previous banking integrations.
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