BBVA believes that the National Commission of Markets and Competition (CNMC) will give green light to the purchase offer (OPA) that has launched on Banco Sabadell with the concessions that it has proposed to the supervisor. The entity also considers that the term of acceptance of the offer, so that the shareholders of the Catalan bank sell their shares, could begin in the month of June.
Regarding the former, Gonzalo Rodríguez, director of BBVA retail banking in Spain has been confident in the approval of the body chaired by Cani Fernández, understanding that the “eventual fusion will not subtract an apex of competition,” as indicated in a day organized by the Spanish.
Rodríguez recalled that the bank has proposed “commitments in three” axes. The first, linked to the “financial inclusion”, which goes through “not closing any officers if there are no less 300 meters” between the two branches. Nor in those “postal codes with rent below 10,000 euros.” The second axis is linked to “credit to SMEs”, because it ensures that “all Sabadell SMEs are going to maintain circulating lines.” The third, which in the “postal codes with less than four entities” will maintain “the conditions to the clients” and the new “credit to SMEs will not be superior to the national average.” “We have unpublished commitments on the table based on comparable mergers should be enough,” he said.
The eye set in June
Meanwhile, the CEO of BBVA, Onur Genç, has affirmed that the period of acceptance of the offer could be initiated at the end of the second quarter.
“We expect the decision of the competence authority in the coming weeks. After that, the government can choose to review the case and then begin the acceptance period,” the executive explained in an interview with ‘Bloomberg TV’ collected by Europa Press.
“We depend on the authorities, but in our opinion the acceptance period should happen in the last moments of the second quarter,” said Genç, thus pointing at the end of June.
It must be remembered that if the CNMC approves the operation with conditions, that will imply that the Ministry of Economy between reviewing it and will have to decide whether or not to the Council of Ministers, which would have to assess whether or not to impose conditions on the fusion, which may be different from those considered by competence. To do this, the head of the Economics portfolio, Carlos Body, has a period of 15 days to count since he receives the resolution of the CNMC.
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