The Valencia Employers’ Association will take part in the takeover of BBVA Banco Sabadell

A trickle of business entities who declare their participation in a process supported by the National Markets and Competition Commission (CNMC) for analysis hostile takeover bid that BBVA filed against Sabadell. If last Tuesday the Chamber of Commerce of Alicante announced that it had requested its inclusion as an interested party in the case, now the Business Confederation of the Valencian Community, CEV, is following the same path.

A particularly significant decision when you consider that The organization, led by Salvador Navarro, is the first regional employers’ association to take this step forward.

after approval by the board of directors.

As CEV explained, “this decision is a response to worry about possible consequences what this operation can mean about business fabric, especially small and medium businesses and about competition in the banking sector Spanish”.

Thus, “how the most representative business organization of the Valencian CommunityCEV reaffirms its commitment protecting the interests of companies and promoting the creation of a competitive environment.”

Refusal from the start

It is worth remembering that Navarro was already one of the first business leaders to express opposition to a takeover bid BBVA on Sabadell due to the consequences it could have for the autonomy, where both entities have a large presence. In addition, the President of CEV also expressed regret about the effect that the loss of the headquarters in Sabadell will mean for Alicante

or the possible loss of corporate departments that the organization still has in that city, including its Technology Competence Center.

Some concerns that Navarro himself transferred BBVA President Carlos Torres, during a meeting in which the latter promised to keep this technology department in Alicante.

Credit

However, the biggest issue that ultimately forced the organization to appear before the CNMC was the implications for loans. Thus, according to CEV, this person “seeks promote thorough and transparent analysis operations, ensuring that decisions made consider the short-term impact on available credit and its long-term impact on the economy.

Thus CEV joins Chamber of Commerce of Alicantebut also to other business organizations in the rest of the country, such as employers’ association of Pontevedra or Pimecawho also already anticipated their decision to participate in the process, which will be heard. An opportunity that opens up after a decision is made by the Competition. proceed to the second stage of analysis of the takeover offer instead of authorizing it at the first stage. A solution that also increases government intervention in the process.