The CEV to Intervene Before the CNMC Regarding BBVA's Takeover Bid for Sabadell

The Business Confederation of the Valencian Community (CEV), following a proposal from its board of directors, has decided to intervene before the National Commission on Markets and Competition (CNMC) due to the takeover bid launched by BBVA for Banco Sabadell.

The business association has admitted in a statement their "concern" about the potential repercussions this merger will have on the business fabric of the Community, especially on small and medium-sized enterprises.

Similarly, they have highlighted competition in the Spanish banking sector and the concentration of supply as other reasons for making this decision. In fact, Banco Sabadell has already warned that the merger of these two banks would result in a cut of about 4,000 jobs, while unions have warned of the closure of between 589 and 883 offices in Spain, significantly affecting Catalonia, the Valencian Community, Galicia, and Asturias.

The CEV states that "as the most representative business organization in the region, we reaffirm our commitment to defending the interests of companies and promoting a competitive environment."

In this regard, the intervention before the CNMC aims to "contribute to a rigorous and transparent analysis of the operation, ensuring that the decisions made consider the short-term impact on available credit and its long-term effect on the economy."

The decision comes a few days after Brussels gave the green light to the operation launched by BBVA for Banco Sabadell to acquire it. The Directorate-General for Competition of the European Commission completed the review of the takeover bid without raising objections, confirming that there are no state aids in this operation.