Quintanilla asserts that the outcome of BBVA's takeover bid for Sabadell 'benefits the business community of Alicante province'

The president of the Business Union of the Province of Alicante (Uepal), César Quintanilla, has welcomed the outcome of BBVA's takeover bid for Banco Sabadell, which ultimately failed as it did not secure sufficient support from the Catalan bank's shareholders.

Quintanilla emphasized that this decision allows for the consolidation of "a solvent but diversified financial system that is very focused on the business sector" and asserts that this outcome "benefits the business community of Alicante province."

The president of Uepal stated that "today the productive sector, the business fabric, and the freedom of the banking market, which can continue to be diversified, ensuring an offer of access to financing, have won." In this regard, he defended the robustness of the Spanish financial system with companies of the calibre of BBVA and Banco Sabadell "highly competitive entities, both necessary, great allies of the Spanish business community, can continue to develop new investments and growth initiatives."

From his point of view, "we cannot read the takeover bid as anyone's defeat, but as a victory for the defence of financial competition and the protection of the business fabric of the province." For Quintanilla, the decision avoids banking concentration that would have had "serious consequences for SMEs, family businesses, and the retail trade of the Community."

The president of Uepal recalled that the association submitted formal objections to the National Commission of Markets and Competition (CNMC) warning of the risks of the merger for "financial diversity and access to credit." For Quintanilla, this operation "would have reduced competition in the banking sector, increased credit conditions, and weakened the negotiating power of thousands of small businesses."

UEPAL's involvement in the CNMC's file allowed the voice of Alicante's business community to be incorporated into the deliberation process. In its report, the entity warned that the dominant position BBVA would assume after the merger could generate negative effects in the short, medium, and long term, especially in areas where the resulting entity would concentrate a large part of the financial market.

"The rejection of this operation is good news for the real economy, for the SMEs that sustain employment, and for consumers who need diverse banking options," concluded Quintanilla, who also urged vigilance against future initiatives that could jeopardize competition and financial equity.