Relevant week for BBVA and Banco Sabadell, which celebrate their respective shareholders’ boards, this Thursday Sabadell and Friday BBVA. The CEO of Banco Sabadell, César González-Buenos, has criticized Wednesday that the transaction proposed by BBVA to get his entity has “many aspects that are not reliable” and that, therefore, “is so disorganized.”
“It is not credible to say that there will be synergies without a fusion,” González-Well has argued in an interview with the CNBC television network collected by Europa Press, in reference to the BBVA statements that indicate that, even without merger, it maintains its forecast to achieve cost savings of about 850 million euros.
“I think the brochure they have presented to the United States Securities Commission (SEC) makes it very clear that they recognize that there is no fusion, that there will be no fusion.
He has also indicated that there is a “social opposition” to the OPA, which “has also become politics.” He has insisted on the more than seventy business associations, unions and chambers of commerce that have asked to appeal in the CNMC file on the operation -features that have been rejected by the supervisor -, and “all” have been shown against.
“Not because they don’t like BBVA, which is a great bank.
In fact, he considers that, taking into account the SME business, the transaction between BBVA and Sabadell would be similar to a fusion between BBVA and Santander.
As on previous occasions, González-Well has also shared his opinion that Europe needs more bank consolidation, but believes that it must be cross-border or in countries where there is little consolidation, and not at the expense of markets that already have enough concentration.
“If you want to create European champions, they are committed to cross -border concentration.
In fact, he has agreed that Europe needs less banks, but has insisted that they must be “mainly cross -border.” “Spain is the second most concentrated market in Europe, after the Netherlands, which is very small, it has very important actors and there are equal conditions thanks to the regulations,” he added on this issue.
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