“The commitments presented exceed those agreed in previous operations of the Spanish financial sector, some significantly.” This is the immediate reaction of the CEO of BBVA, Onur Genç, shared by the entity as soon as the CNMC report was published. “These are unprecedented measures to boost credit to SMEs, a key segment where we want to continue growing, and ensure access to banking services in all territories,” the banker stressed.
The CNMC’s decision to deepen the analysis seeks to gather all possible information on the risks warned, giving a hearing to third parties and also seeking to test the effectiveness or not of the commitments presented by the Basque. To mitigate the impact on SMEs, BBVA had committed to the CNMC to maintain the current financing lines (loans with a term of less than one year) that Sabadell has with companies for 18 months, barring financial deterioration; and the entire volume of credit to SMEs that do not have another financial provider other than both banks also for a year and a half.
It also ensured commercial conditions in those municipalities where there are fewer than four financial entities, without the price of loans for SMEs exceeding the prices applied on a national scale there. Likewise, he announced that he would not close any branch specialized in companies.
Its catalog of commitments also includes not abandoning municipalities where only both banks are located, nor closing branches when there is no other branch less than 300 meters away or in postal districts with a per capita income level of less than 10,000 euros. It will maintain the commercial conditions for individual clients and SMEs in those postal codes in which there are less than four entities and will maintain for 18 months the conditions agreed by Sabadell with entities of the Euro 6000 network in favor of the use of ATMs by its clients. .
Among the conditions revealed on the occasion of the CNMC report is also the creation of an account for vulnerable clients, without an opening or administration and maintenance fee, a free debit card and free and unlimited transfers in digital channels, and undertaking divestments in payment methods companies that are necessary. It also guarantees business hours in Sabadell offices that have a cash service in municipalities at risk of financial exclusion.
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