BBVA, confident before his shareholders: “We hope to add to Sabadell as soon as possible”

Before entering the detail, one of his first phrases about the OPA has been that he trusts “fully in the success of the same.” In BBVA they do not hesitate that the operation will go ahead, although the times have been extending for the analysis of the National Commission of Markets and Competition (CNMC), which decided to deepen more in its exam.

After the CNMC, also, the Pedro Sánchez Government You will have a possibility to open a third phase to harden, reduce or maintain the commitments that you impose competition. And the whole market is very aware that the Executive has repeatedly shown its rejection in form and background. This is also bound that Sabadell himself has appealed to the government to intervene against the OPA.

In this context, the BBVA trusts the approval of all the authorities, after which the time will come to decide for the Sabadell shareholders: “It is important that they are the ones who decide.” And Torres has also launched a message that his expectation is to be a single bank as soon as possible: “We hope they can join this great project as soon as possible.”

For that to happen, the CNMC exam must be passed before and that the Government Do not tough the operation with tougher conditions. That is why the president of the Basque Bank has referred in particular to what they have offered to save the problems that some authorities identify. “I would like to emphasize that we are especially sensitive to the concerns expressed by the authorities and, therefore, we have submitted to the CNMC, the Spanish competition authority, effective and unprecedented commitments to guarantee financial inclusion and social cohesion, credit to SMEs and competitiveness,” said Torres.

The top leader of the BBVA has indicated that they will increase its territorial commitment, especially where there is a greater presence of Sabadell such as Catalonia or Valencian Community. «We will maintain the Sant Cugat corporate center as a relevant decision center, and reinforce support for scientific, business and cultural fabric in those territories. And we will use both brands in those areas or businesses where they can have a relevant commercial interest, ”said Torres, while adding that they will have the capacity to give 5,000 million euros more in credit to families and companies.

Likewise, the president has promised customers “a unique value proposal” and employees already a commitment to preserve and promote the best talent and culture of both entities. ” «The shareholders of BBVA and Banco Sabadell will owe a better bank prepared for the future, with a higher scale, with the ability to generate significant synergies, which implies future increases of the benefit per action, of the dividend per action, of the net Tangible heritage by action and the profitability on the capital invested. And all this with a limited impact on capital, ”he added. President Torres sells the benefits to his own shareholders, but he is knowing that he must also convince those of the opada and for this articulates this series of arguments.

Larger banks

As one of the bank’s key arguments to launch this OPA is need great entities in Europe to compete better in a global environment “increasingly fragmented and with greater challenges.” «Spain and Europe need financial institutions with the appropriate scale and strength to face these challenges and channel savings towards strategic projects. Only with solid and competitive banks the region can promote its transformation and consolidate its leadership in the world, ”he said.

Beyond the speech, in a video recorded by Torres himself, he also addresses the Sabadell’s shareholders: «Once the operation is approved by the authorities, Banco Sabadell shareholders will have the opportunity to join an attractive and exciting project; A unique opportunity. After the Union, the shareholders of BBVA and Banco Sabadell will own a better prepared bank for the future ».