The Spanish government will hold a public consultation to gauge public opinion on BBVA's proposed takeover of Banco Sabadell. This decision follows the CNMC's approval of the merger, but the government wants to ensure it aligns with the national interest.
The consultation aims to gather feedback from organizations, citizens, and associations to inform the government's final decision. While the consultation is not legally binding, it's meant to enhance the decision-making process.
Several individuals and groups voiced concerns about the merger. Yolanda Díaz, a government minister, highlighted potential job losses (around 5,000) and negative economic impact, particularly for Catalonia. Josep Sánchez Llibre, president of Foment del Treball, argued that the merger would reduce credit to Spanish businesses by €70 billion.
BBVA's president, Carlos Torres, stated that the merger would create a stronger bank and bring benefits to Catalonia, Spain, and Europe. He expressed respect for the government's decision to seek public input.
The government has 15 business days to review the merger proposal. The consultation process will run concurrently, with the Ministry of Economy expected to provide details soon. The outcome of the consultation will play a key role in whether the government grants final approval.