A day after the Banco Sabadell Shareholders’ Board, in which the Catalan entity defended its independence, BBVA claims the value of its purchase offer for its competitor and ligures it to the process of uncertainty and investment in defense in which the European Union is immersed. In his speech, the president of BBVA, Carlos Torres, said that “Europe is in a crucial moment, at a turning point that will define its role in the world in the coming decades. We have to recover the lost terrain, gaining weight in the global economy, in innovation and energy transition, and consolidating our autonomy in defense and security”.
“To achieve this, vision, unity and responsibility of all are required, including banks, which we play a key role in financing the huge necessary investments,” Torres said. “The European Commission estimates that, not including reinforcement in defense, the region needs an annual investment close to 800,000 million euros, a relevant part in Spain, which is in a privileged position to be a reference in this new stage, due to its greatest growth and availability of clean energy,” he argued on the global scenario. “And for this, Spain and Europe need financial entities with the appropriate scale and strength to face these challenges and channel savings towards strategic ones. Only with solid and competitive banks, the region may boost its transformation and consolidate its leadership in the world.”
It is there, he said, where the operation enters into value, which he has described as the “most attractive in the European Union.” “BBVA is a leading in growth and profitability, and with a vocation to contribute to the construction of tomorrow’s Europe. The Union with Banco Sabadell makes even more meaning in this context, by building an even stronger, competitive and profitable bank. It is a clear commitment to Spain and its companies, to grow and contribute to the growth of the country and its territories,” he added during the Board of Shareholders in Bilbao.
On the operation, Torres has also transmitted to BBVA investors that Bank’s address trusts “fully in its success”, despite Sabadell’s rejection. “We seek to unite two very complementary entities, combining our respective strengths so that together we reach higher goals than separately. In an increasingly fragmented global environment and with greater challenges,” he stressed.
A bank that will pay more taxes
“This union will result in a better bank for all,” said the president of BBVA in his speech and that “thanks to the largest scale and the greatest results, we will increase by approximately 5,000 million euros per year our capacity to grant credit to families and companies, benefiting the whole society.”
And has thrown the tax contribution of being a larger bank. “It will increase our contribution via taxes and, with this, our positive impact on the progress and development of Spain. I would like to emphasize that we are especially sensitive to the concerns expressed by the authorities and, therefore, we have presented to the CNMC, the Spanish competence authority, effective and unprecedented commitments to guarantee financial inclusion and social cohesion, credit to SMEs and competitiveness.”
It must be remembered that the National Commission of Markets and Competition, the aforementioned CNMC, has to decide in the coming weeks if it gives the green light to the transaction and whether or not it imposes conditions. If this last scenario is given, the Minister of Economy, Carlos Body, can decide to raise the OPA to the Council of Ministers, which would have to decide whether or not it gives it green light, with or without conditions and if these are the same as the same as competition.
Torres has also assured that, if the OPA triumphs, the future bank will increase its “commitment to the various territories, particularly those of greater presence. We will maintain the Corporate Center of Sant Cugat 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”.
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