Banco Sabadell lasts your allegations to the file that is substantiated in the National Markets and Competition Commission (CNMC) About the BBVA OPA. The Catalan entity is hurrying the deadlines to present its objections, something that will occur in late … This week.
On Thursday, January 30, Competition sent to the parties the so -called Concreation of Facts. This is a document of the Competition Directorate in which the main problems of operation of the operation are collected. It is not a resolution in itself but it implies a certain turning point in the procedure. At the same time, the parties were given access to the file, except for the points that must legally remain confidential. A day later the deadline for allegations began to run, which extends up to 15 business days also telling the extensions. That period would end, in theory, tomorrow.
These allegations are aimed at torpedoing the operation in the CNMConce the file is known. And the intention of Sabadell would be to focus on the risks of the OPA for SMEs. In this sense, the bank has been insisting that the main problem of all this is that competition in the SME segment would be reduced too much; Specifically, they have repeatedly warned that these companies need about four banking relationships in their normal financing operation, and that moving from four to three would generate a real problem.
Related to all this, the CEO of Sabadell, César González-Bueno, has come to point out that the only solution to this problem would be to force BBVA To sell part of the SME business – at least in some regions – to generate a new competitor. A message clearly addressed to the CNMC since it is a decision that is only – and then the government – could force.
With the presentation of his allegations by Sabadell, the competition analysis enters the final stretch, according to financial sources. The CNMC will then carry out the so -called market test in which it will ask associations, employers, banks, etc. about his opinion about the competition situation with this operation and also regarding the commitments offered by BBVA to solve the possible problems. At the moment, that step has not yet been waiting for Sabadell to allege.
The market is expected that the CNMC can issue a resolution already this March, although other sources do not rule out that it can be extended until April. In any case, competition will also have time to address with both parties the final conditions to be imposed. In the press it transpired, yes, that the institution led by Cani Fernández It is not proposed to prohibit the operation and everything indicates that it would be an approval with conditions.
The doubt is in case these conditions will allow BBVA to move forward with the OPA, since it is a condition that the Basque Bank set. Likewise, after the pronouncement of the CNMC, the Executive will have the power to soften, maintain or harden the conditions imposed.
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