In a statement to the press, Cuerpo remarked that the timeframe for a decision is “very limited,” but this is beneficial for ensuring the process’s security. Shortly before, the president of the employers’ association Confederación Española de Organizaciones Empresariales, Antonio Garamendi, had called for a swift decision since the operation has been ongoing for over a year.
The Minister of Economy stressed that there are public interest reasons to bring the OPA to the Council of Ministers, a request made by five ministries (Labor, Social Security, Ecological Transition, Industry and Tourism, and Social Rights).
The official mentioned that the goal of his ministry is to analyze more deeply the potential impact of the transaction on elements “so important and vital” as job protection, financial inclusion, and territorial cohesion.
From Brussels, according to community sources cited this week in the Spanish press, the European Commission sees no reason for the Spanish government to block or reject the OPA by BBVA over Sabadell.
In response, Cuerpo stated today that he does not foresee any conflict with Brussels and that the Council of Ministers will solely make “the decision it deems appropriate, always in accordance with national regulations,” since things are being handled “with all due diligence” and as required in an operation demanding “special caution.”
From the unions’ standpoint, the general secretary of the UGT, Pepe Álvarez, urged the government today to consider employment concerns and “not allow the merger” between the two banks.
The merger between banks BBVA and Sabadell would result in a giant entity becoming the second-largest bank in Spain by assets.
If the OPA succeeds, the merger of the two banks would create a body with close to one trillion euros in assets, 135,462 employees worldwide (of which 19,213 are from Sabadell), and a network of more than 7,000 branches. It would be one of the leading European banks, surpassing CaixaBank (owner of Portuguese BPI) in assets, positioning itself as the second-largest bank in Spain by assets.
The potential acquisition of Sabadell by BBVA would further dilute the banking weight of Catalonia. In the Catalonia region, this merger would leave 85% of branches in the hands of three major banks (Caixabank, BBVA/Sabadell, and Santander).
This operation has ignited the economic and political debate in Spain.
The BBVA Group earned over 10 billion euros in 2024, a 25.4% increase from the previous year. The bank has a strong presence in Latin America.
Meanwhile, Banco Sabadell Group reported a record profit of 1.827 billion euros in 2024, a 37.1% increase compared to 2023.
