Sabadell Criticises CNMC's Method: Fails to Consider 'Consequences for Clients'

Banco Sabadell has once again criticised the methodology used by the National Commission on Markets and Competition (CNMC) after learning of its final resolution on Wednesday night. The bank argues that the method is not suitable for analysing the merger of banking businesses for SMEs and, therefore, does not allow understanding the consequences this concentration has for those clients.

In any case, the entity chaired by Josep Oliu has reminded that it will be the shareholders who ultimately decide whether to accept or reject BBVA's offer. Furthermore, it has indicated that when the acceptance period opens, its current competitor must have made all detailed information about the operation, which has not yet been published, clearly and transparently available to Sabadell's shareholders.

In a similarly critical tone, the Catalan bank has emphasised that, according to current trading levels, BBVA's offer represents a negative premium of 7%, according to Europa Press. "That is, those who accept the offer, with today's closing prices of Banco Sabadell and BBVA shares, would lose 7%," it stated.

The Vallesan entity will present its first-quarter results next week. In subsequent dates, it will hold its 'Capital Markets Day', where it will announce its Strategic Plan 2025-2027, outlining its prospects as a standalone entity for the next three years. "In this way, the shareholders, who will decide whether the operation goes ahead, can compare the value creation capacity of the Vallesan entity with that offered by BBVA," it argued.

Meanwhile, the President of the Generalitat, Salvador Illa, has stated that he will "defend above all the interests of Catalonia" after learning of the conditional approval by Competition of BBVA's proposal to acquire Banco Sabadell.

The PSC leader also added that they will now "rigorously analyse the report and all data and analyses to act with coherence," although he did not specify whether this could translate into specific measures. "In Catalonia, there is a banking model rooted in the country, in its business fabric, and in its companies with a social commitment," he added.