The Ministry of Economy, Trade and Affairs warns that the operation could have a “negative impact on employment and the provision of financial services.”
The Spanish government has expressed its rejection of BBVA’s decision to propose a hostile takeover bid (OPA) to Banco Sabadell, “both in form and in content” and considers that this operation “possible harmful effects in the system introduces”.
This is evident from sources Ministry of Economy, Trade and Affairsdetailing that the said operation “would mean an increase in the level of concentration that could have negative impact on employment and the provision of financial services“.
They add that this could lead to “excessive levels of concentration”. “an additional potential risk to financial stability” and they remember that this idea has already been suggested by the Governor of the Bank of Spain, Pablo Hernández de Cos.
The same sources believe that if this hostile takeover continues “it would also have consequences for the… territorial cohesion due to the presence of these financial entities in the territory”.
“Spain currently has a strong and solvent financial system,” the same sources point out, emphasizing that it is the duty of the executive to “ensure the maintenance of a solid financial system, which continues to contribute to the growth of our economy and the financial inclusion agenda.” .” and customer protection.
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.
