The Catalan business community and workers are joining forces to put pressure on CNMC in BBVA’s takeover bid for Sabadell.

Unions follow the example of the Catalan business community and side with BBVA in the takeover of Banco Sabadell. UGT has joined the list of participants who want to take part in the in-depth analysis that will be carried out by the National Markets and Competition Commission (CNMC). The organization has decided to appear in the case to take the stand against it, claiming it risks the loss of up to 10,500 jobs. The document submitted to the regulator states that the takeover puts between 7,685 and 10,567 jobs at risk and will entail the closure of between 589 and 883 offices across the country, which will have a particular impact on Catalonia, Valencia and Asturiass, areas in which Banco Sabadell has a visible presence.

“The analyzed operation could have a significant impact on the conditions of competition in the banking market and, in particular, on relations with workers in this sector

(…). We have almost 150 representatives chosen by workers between representatives of BBVA and Banco Sabadell, which means that they have a direct interest in this banking operation,” they claim. In addition, they also cite contributing factors. such as lower access to credit for SMEs and the self-employedwhich could be detrimental to the “focus” on the interests of local companies. Rising instability and widening inequalities in access to banking services are other factors that could be exacerbated, according to UGT.

Organization headed Unai Sordo gives way to CCOOwhose Financial Sector Services Federation has asked to participate as a stakeholder, and the Trade Union Confederation is expected to do the same in the coming days. It is worth remembering that both UGT as CCOO They have been critical from the very beginning of the potential union, which is why last summer they asked Competition to paralyze the merger with justification that the reduction of the banking pool This threatens the viability and competitiveness of “many companies” and their associated jobs.

The common denominator is shared by Catalan employers such as Pimek and Foment del Treballwho from the very beginning demonstrated formal opposition to the merger. Since the above Pimek, which advocates for small and medium-sized companies, stands by a report published a few months ago that shows the impact on loan origination of up to 8% if integration goes through, meaning a $54 billion reduction in lending. Banco Sabadell stands out for its high market share.

which is registered among self-employed workers and small companies, given that every second SME is a client of an enterprise based in Alicante. The niche in which BBVA aims to become stronger in Spain through This is an acquisition, as acknowledged by the president of the group of Basque origin, Carlos Torres.

For its part, Foment, led by Josep Sánchez Llibre, has taken a step forward, demonstrating concern about the possible consequences. about Catalan companies and possible changes this would open up opportunities in the financial sector. The consequences that this could entail sowed discord in both the Mediterranean and the Atlantic Ocean after Business Confederation of Pontevedra (CEP) decided to participate in order to convey the concerns that exist among the business community. Everyone is following the call of the CEO of Banco Sabadell, who was the first to announce that the organization would do the same.

Shareholders minorities of the Vallesano group They also took action on this matter. The team that represents about 48% of the company, up from 52% institutional investors, believes that the conditions imposed by the CNMC are “decisive”. For this reason, they requested additional information from BBVA on aspects such as the real cost of restructuring, dividend expectations or resulting company

in case of acquisition without merger.

Body headed Kani Fernandez decided to look into the takeover in more depth following an initial investigation that revealed potential worsening of the situation. commercial conditions and SME financing. The regulations provide ten business days from the date of publication of the findings for affected individuals and entities to present their allegations. so the deadline is this week.