BBVA Aims to Acquire Banco Sabadell After Regulatory Approval

Major Spanish Banking Deal Poised to Reshape Financial Landscape

The proposed acquisition of Banco Sabadell by BBVA is moving forward after regulatory approval. This strategic move aims to create a more robust banking entity, potentially impacting families and businesses with enhanced financial services in the region.

Green Light for the Merger

Carlos Torres Vila has noted that the CNMC has cleared the operation, contingent upon BBVA’s significant commitments. He believes the decision now rests with Banco Sabadell’s shareholders. Torres Vila is optimistic they will approve the merger.

BBVA is committed to supporting economic recovery and growth in Spain. In 2022, we provided €35.8 billion in new loans in Spain, of which €18.6 billion went to companies. #BBVA #Spain pic.twitter.com/92M9N4K8oA

— BBVA (@BBVA) June 8, 2023

“It will be a bank that can better accompany families and companies which can better finance for the greater efficiency that this brings. And that will lead to more credit in better conditions. In fact, we have quantified in 5,000 million euros of additional credit per year,”

—Carlos Torres Vila, President of BBVA

BBVA has stated it is the leading bank in Catalonia, channeling billions in financing. Data indicates that around 30% of small and medium-sized enterprises in Catalonia chose BBVA in the last year (Catalan Banking Report 2024).

Catalonia Focus and Strategic Goals

Torres Vila emphasized BBVA’s major commitment to Catalonia over the last decade. BBVA currently serves as the second-largest bank within the area, with two million customers and roughly 400 branches.

The BBVA president highlighted the operation’s alignment with European strategies. He added that it will help Europe compete globally, mobilizing resources for investment in defense, infrastructure, and the energy transition.

Torres Vila is upbeat about BBVA’s current position. He pointed out that they are the fastest-growing and most profitable European bank compared to the top 15 in Europe. The bank recently wrapped up its five-year strategic plan and has initiated a new plan for 2025-2029.