The objective of the Catalan Executive is to “act consistently, defending above all the interests of Catalonia,” as stated by Illa.
Illa made these remarks on social media regarding the CNMC’s decision to authorize the public offer to acquire (OPA) Sabadell by BBVA (Banco Bilbao Vizcaya Argentaria). He judged that the commitments presented by BBVA in the event of a successful bid are “adequate, sufficient, and proportionate” to address the competition issues arising from this banking concentration.
“In Catalonia, there is a banking model rooted in the country, in its business fabric, and in its companies with social commitment,” Illa stated.
The Spanish CNMC approved the acquisition of Sabadell by BBVA on Wednesday.
Following a meeting that concluded shortly after 7:30 PM (Spain time), the Competition Chamber, comprising five members, including CNMC President Cani Fernández, approved the decision unanimously.
As the CNMC makes the deal conditional on fulfilling commitments or conditions, the decision will not be final until the Economy Minister, Carlos Cuerpo, decides whether to bring the matter before the Council of Ministers.
Given the government’s initial opposition to the transaction, it is expected that the matter will be taken to the Council of Ministers within the 15-day period stipulated by law, although BBVA remains confident that the CNMC’s conditions will be sufficient to address government concerns.
The 2007 Competition Law dictates these conditions must be justified by public interest reasons other than competition, such as national security, environmental protection, or the promotion of innovation.
There is no precedent of the government tightening conditions for a merger.
Sabadell has already reacted to the CNMC decision, criticizing the methodology used to analyze the impact on the universe of small and medium-sized enterprises (SMEs) regarding its purchase by BBVA, demanding more transparency with its shareholders.
After learning about the CNMC’s decision — authorization of the OPA, launched nearly a year ago, with conditions — the group led by César González-Bueno reiterated in a statement its consistent opposition to the methodology used by the CNMC throughout the OPA analysis process.
Similarly, BBVA President Carlos Torres has also responded to the CNMC decision, highlighting that the commitments made benefit financial inclusion, territorial cohesion, and credit to SMEs and autonomies.
In a video distributed by the bank itself, the banker stressed that these commitments preserve competition, especially in the areas where the group will have a significant presence, particularly in Catalonia.
BBVA, which has operations in Portugal, announced on Wednesday that it posted profits of 2,698 million euros in the first quarter, a 22.7% increase over the same period in 2024.
