The BBVA bank has presented a series of measures to the National Markets and Competition Commission (CNMC) to try to unblock its purchase offer (OPA) for Sabadell. A few days ago, Competition expanded its analysis of the operation to a second phase, to analyze it in depth, which has delayed the resolution of the purchase and merger proposal.
BBVA qualifies the measures it has presented as “unprecedented” and assures that with them it seeks to “guarantee financial inclusion, credit to SMEs and competitiveness”, especially, it points out in Catalonia and the Valencia Community, two of the territories where the Union of the two banks would add more branches, as we have in this topic.
The bank headed by Carlos Torres assures that these measures seek to “facilitate a prompt authorization of the union with Banco Sabadell”.
Among the “concrete commitments” that he has presented is that “he will not close offices where there is no other fence.” Specifically, less than 300 meters.
It also states that “it will maintain commercial conditions for individual clients and SMEs in those postal codes in which there are fewer than four entities.” In addition, BBVA “commits to maintaining working capital lines for all SMEs and the current volume of total credit for those” small and medium-sized companies “that work only with the two entities” for 18 months.
“These commitments largely mitigate the risks identified by the CNMC,” says the bank, “very focused on certain territories.” He also adds that “he will continue to collaborate closely with the authority to complete the commitment agreement and authorization of the file as soon as possible.”
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