The Generalitat intervenes in the analysis of the merger of BBVA and Sabadell

He Government participates in the process of considering charges against the merger that BBVA is planning with Banc Sabadell, opened after the National Markets and Competition Commission (CNMC) decided to move the analysis to a second stage, which allows the parties involved or affected to express their points of view. This was announced by the “Minister” of Economy Alicia Romerowhich stated that the Catalan Competition Agency (ACC) does concentration transaction report at the request of the CNMC in connection with the offer of a bank of Basque origin to take over a bank of Catalan origin. The body, dependent on the Generalitat, which must submit its report by December 23, had already raised objections to such concentration in the first analysis it carried out in May. The Catalan executive and the central government have also opposed this integration, which they believe will lead to a reduction in supplies and financing, especially for SMEs, one of Sabadell’s assets.

The document is a report mandatory and optional provided for in Article 58 of the Law on Protection of Competition. Romero recalled that Acre had already published a preliminary assessment in May last year, in which it warned about the risks of the concentration operation. In any case, the current report “will be more comprehensive as it will have access to the CNMC file and will therefore be able to analyze in more detail what impact this operation may have on banking competition in Kalunya.” then concluded that if the purchase went into effect, the resulting entity would own 34.8% of the network in Catalonia, with the first two banks (CaixaBank and the new venture) managing 73.7%.

Romero recalled that BBVA and Sabadell are currently the second and third banks in terms of market share in Catalonia, so “concentration will entail a significant reduction in competition throughout the Catalan financial sector.” And he stressed that the government was against integration because it represents “high risks for Catalonia, including loss of offices and great difficulties in accessing financing families, companies and, above all, spies, as well as the increasing cost of this financing.”

The central executive has repeatedly expressed its disagreement with this integration. The path to accusations was opened after the National Markets and Competition Commission (CNMC

) decided last week to extend the study of the operation, moving it to so-called phase 2, which allows those affected or involved press charges and this prolongs the process at least until next spring.

The operation carried out by BBVA caused strong opposition in Catalonia. Boards of directors of employers’ associations Treboll’s promotion And Pimek They have already decided to press charges regarding the possible integration of the banks. Other organizations are exploring this opportunity to move the operation to the second stage. At this point in the analysis that could not be achieved, e.g. CaixaBank integrated Bankiaparties who may be considered interested or involved may bring charges.

Aspects such as reduction in supply of SME finance or degree of concentration in Catalonia or the Valencian Community They worry the business world, as well as the central government and the Generalitat.

The fact that the analysis of a possible merger has entered the second phase gives the executive the opportunity to complicate it by imposing very strict conditions (“remedies”). In fact, BBVA has already stated that it may withdraw from the agreement if it considers the demands placed on them to be unsustainable.

In addition to the two employers’ associations Foment and Pimec, the Barcelona Chamber and the other 12 Catalan chambers of commerce, part of the Consell de Cambres, lobi Femcat or Col.legi d’, also expressed their opposition, which could also become an accusation against Catalonia’s economists.

Following the CNM decision, the ball is now under review by the National Securities Market Commission (CNMV), which plans to announce in a few weeks whether it will approve the operation before or after the Competition’s decision. In principle, this announcement could come in two to four weeks, although it is possible that it will be delayed further, even until early 2025.