Barcala and the Government's Decision on BBVA's Takeover Bid for Sabadell: 'The Red Line is to Maintain Employment'

Mayor of Alicante, Luis Barcala, has commented on the Government's decision regarding the takeover bid by BBVA for Sabadell. The central government will allow the acquisition as long as both banks operate independently for three years.

For Barcala, the red line of this operation is "to maintain jobs and services for businesses and individuals." The mayor reiterated the "need" to respect "the conditions of workers and clients," after learning that the Government has authorised the takeover bid on the condition that both banks maintain their legal personality, assets, and management activities for the coming years.

The mayor has reminded that these have been the main concerns he has conveyed to both the president of Sabadell, Josep Oliu, and his counterpart at BBVA, Carlos Torres. "I have always insisted that the most important thing is to respect the conditions of workers and clients through the network of offices," Barcala expressed.

"These are the red lines we establish and which I communicated to the presidents of both entities," added the mayor, who criticised the Government: "Beset by scandals of all kinds, it could have done things better, ensuring more effectively the interests of both entities and, above all, the employment of the thousands of workers of these banks in Alicante."

The Alicante mayor remains vigilant about the situation and assures that "we will remain very attentive to this important issue, so that the rights of workers and the interests of Alicante residents and businesses are not harmed."

Amid this negotiation process between the two banking entities, Barcala received BBVA's president, Carlos Torres, at the City Hall on March 6, and on January 27, he did the same with the top executive of Banco Sabadell, Josep Oliu.