Given the more than likely restructuring of the resulting entity, and in the absence of more details, it is logical to think that the merger will impact both headcount and offices.
BBVA and Sabadell will sit down again to negotiate a merger that they had already considered in 2020 and which ultimately did not materialize. It is currently known that the two banks will submit their “interest” to the National Securities Market Commission (CNMV) this Tuesday “explore a possible merger”.
If this corporate move becomes a reality, it will happen again changing the banking landscape in Spain, and will affect workers. In the case of the Basque Autonomous Community (CAV), the bank resulting from the merger would be approximately $100 million 1500 people worked there. Furthermore, the possible union would result in a total of 156 offices in the BAC.
Given the more than likely restructuring of the resulting entity, and in the absence of more details, it is logical to think that the merger will impact both headcount and offices. That’s why CC. OO. Euskadi has expressed his concerns and has already asked that working conditions be guaranteed during the negotiations.
Five entities concentrate 80% of the branches in Euskadi and Navarre
In 2015, shortly after the economic crisis, 40 entities had their offices open in Euskadi and Navarre. Nine years later, that number has dropped to 27 entities currently represented in Hego Euskal Herria, according to data from the Bank of Spain.
The report also reflects that eight out of ten establishments are owned by five entities: Caixabank, Kutxabank, Caja Rural de Navarra, Laboral Kutxa and BBVA. Specifically, 80.8% of the branches belong to these five entitiesa figure that stood at 71.1% in 2015.
So, Caixabank has 20.5% of the bank branches in Hego Euskal Herria, Kutxabank 19.58%, National bank of Navarre 16.6%, Work 14.92% and BBVA 9.17%. Kutxanbank has the highest percentage in Bizkaia, Gipuzkoa and Alava, while Caixabank is the most common branch in Navarra.
Between 2015 and 2023, banks such as Banco Popular, Bankoa or Bankia disappeared from our streets, although some others, such as Unicaja or Singular Bank, are new.
But one of the reasons why the number of banks with a presence in our cities has been significantly reduced is the numerous and intense mergers of recent years.
This chart shows all these movements, from 2007 to today:
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
