Banco Sabadell lasts the allegations that will have to send this week to the National Commission of Markets and Competition (CNMC) against a hypothetical fusion with the BBVA, in which it will warn of the impact that this operation would have, they have reported nearby sources to the process.
At the beginning of the month, the president of the CNMC, Cani Fernández, confirmed in statements to the media that, the statement of acts had already been sent, a document that notified both Sabadell and BBVA and that BBVA and that collect the main competition problems of the operation.
From that shipment, A period of at least 10 days opened That Sabadell, always according to the same sources, asked to extend until next Friday, February 21 to present allegations after accessing the administrative file of the operation.
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The CNMC carries months analyzing the impact On the competition of a merger of the BBVA and the Sabadell, after the first launch an offer to acquire shares (OPA) on the second.
In November, competition decided to pass its study to a second more thorough phase, given the complexity of the operation, which lengthens the OPA process by giving the Sabadell Bank option Present allegations and open the door for the government to think.
As soon as the CNMC announced that the analysis of the operation extended beyond the first phase, in which the BBVA had already pledged to adopt “unpublished” measures to guarantee competition, Banco Sabadell and several Dozens of business associations asked to appear in the process.
The intention of all of them was to be able to present allegations against the operation and the commitments offered by the BBVA, although Competition only accepted in the late 2024 to participate in the process by Banco Sabadell.
“Ineffective throughout Europe”
This week, the CEO of the Catalan entity, César González-Buenos, considered in a wave interview that these types of commitments, which are “Behavioral conditions“They have resulted “ineffective throughout Europe in issues of competition.”
And he warned that if there are no remedies or “reasonable” conditions, This concentration operation will be “bad for Spain.”
In his opinion, There must be conditions that “guarantee” competition And that will have to do the CNMC or the Government, because González-Well argues that “it is a social, not political obligation.”
At the moment what is clear is that Competition will continue to advance in the analysis of the operation, which includes the review of the allegations presented by the Sabadell Bank this week and the testing in the market of commitments already acquired by the BBVA.
Once all this, the Council of The CNMC will adopt its resolution, prior report of the Competition Directorateand it is understood that in no case will the operation vetoed since it ensures that they will do everything necessary to ensure that the competition is still maintained.
Government’s decision
If the CNMC subordinates the operation to the fulfillment of commitments or conditions, they will not be firm or end the administrative route until the Minister of Economy, Carlos Body, has resolved Do not raise the issue to the Council of Ministers or if it elevates ituntil the government has adopted an agreement confirming the resolution.
The Council of Ministers may confirm the resolution issued by the CNMC Council or agree reasons of general interest different from the defense of competition.
So another of the great doubts is what the Ministry of Economy and the Government will do when competence adopt your resolution.
The government has always been contrary to this merger and although in the last body interventions it has avoided venturing what the government will do When the CNMC concludes its resolutionhis words are understood that González-Well trusts that he harden the conditions.
And although he cannot do it for competence, the CEO of Sabadell argues that he must do it for the “social welfare” and “territorial balance”, With the idea that all autonomous communities have access to credit.
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