A day after the allegation of the Banco Sabadell dome before the shareholders so that they do not accept the BBVA OPA, it is the Catalan SMEs that bind to the rejection of the operation. Employers and associations had already spoken against fusion from the first moment, but this Friday More than 30,000 small and medium enterprises Headed by Pimec published a manifesto in the main newspapers of the country.
The statement, entitled Business fabric manifesto in favor of competition in the banking marketthe set of associations and unions warn of the “direct repercussions on financing for companies, especially SMEs.” His words go online for those pronounced by those responsible for the Catalan Bank In recent days on the occasion of the Board of Shareholders.
In the announcement, the signatories oppose the operation because the decrease in competition, in their opinion, will imply “an increase in costs for customers and in less alternatives to choose from”. More after in the last 15 years Spain has gone from having more than 45 entities to the four great banks –Caixabank, Banco Santander, BBVA and Sabadell- copen 67% of the business.
“The competition in the banking sector of individuals is much higher than that in the SMEs and Companies segment,” they compare. “SMEs would be the most affected if concentration levels rise […] They would have more difficulty access to financing and will be more expensive, with the consequent prejudice for their business and employment they generate, “they regret.
The message is also produced after the refusal of the National Commission of Competition Markets to admit the personation of more than 80 entities-among them Pimec-. The National Court admitted the appeal for Treball foment and the UGT union, but all the sources consulted coincide in the few possibilities that the requested precautionary are successful or arrive before the regulator’s opinion.
Therefore, the signatory SMEs are added to Banco Vallesano and question the government and their ability to stop the operation. “The Bank of Spain, the CNMC and the Government must ensure a banking market where companies from all autonomous communities can have enough options to access financing with adequate conditions,” Zanjan.
In this way, the 30,000 signatories join the Sabadell defense thesis, which also asked the government to stop the “for the common good” operation of the country. Oliu emphasized his discourse of the Board of Shareholders in the bank’s commitment to accompany national companies and finance their projects, something that the Vallelesan believes that it will be harmed if BBVA absorbs the bank, and while the Basque project is Multipaís. “It is not our objective to allocate the savings that we administer from our clients to compete with the great European and American banks. If, instead, to make them available to business projects, with growth capacity and generate employment and benefits,” he riveted.
On the one hand, Glosó that Sabadell “has a unique role in the life of companies in Spain” and also took the opportunity to launch a message of depth appealing to the emotional feeling of the shareholders: “Banco Sabadell is a fundamental element of the institutional scheme of Catalonia And one of the main supports of the financial system in Catalonia, Community Valencian, Region of Murcia, Asturias, Galicia, Basque Country and of all regions of Spain. “Hence the measurement by postal codes in the competition analysis has repeatedly ruled out in the competition analysis, since a good part of the SMEs with which they work do not have much of activity in the postal address.
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