BBVA remains optimistic about the takeover bid for Sabadell, but does not rule out that it will be withdrawn

The CEO of BBVA, Onur Genç, has maintained his optimism about the takeover bid that his entity wants to make on Sabadell, but recalled the possibility of withdrawing the offer in the event that the conditions imposed to approve it ultimately reduce the value of would reduce the bid. operation.

These are the first statements Genç made after hearing yesterday that the National Markets and Competition Commission (CNMC) has increased the takeover bid to phase 2 to conduct a more in-depth analysis and allow other interested parties, such as Sabadell himself, to put forward their claims.

In his speech at the 31st meeting of the financial sector, the CEO of BBVA made it clear that the entity stands by its view that the proposed operation “creating value” both for the customers of both entities, as well as for the employees and society as a whole. In particular, he has defended that this operation represents greater stability and efficiency, which will result in greater profitability and investments.

With regard to the Competition Decree, he stated that the vision at BBVA is that This transaction will be approved in the coming months and that the potential value creation is maintained. He did indicate that if this value creation is jeopardized, the bank has the option to withdraw the offer, as was already indicated two weeks ago during the presentation of the third quarter results.

However, he has reported that BBVA is working “constructively” with the CNMC to finalize “as quickly as possible” the list of conditions that would allow the operation and address any concerns about the concentration that the bid might entail, to clarify.