CNMC sees “enough” the obligations made by BBVA to OPA on Sabadell
In the candle, you live a big day. The National Markets and Competition Committee (CNMC) agreed on Wednesday after A. BBVA OPA on Banco Sabadell. Placet of the Command Room, headed by Cani Fernández and four other members, arrives, after specifying that the oblterations made by BBVA “sufficient and sufficient and are provided to solve the problems that Focus is assumed to compete In the affected markets. ”
The organizer closed ranks in April after eleven months of comprehensive analysis, which ended with the launch of the market test Between 40 entities to verify whether the guarantees will be given One of the commitments that BBVA assumed in the event of a flourishing union. The goal was to alleviate the potential credit problems that could occur, as well as the risk of payment service, These were the areas where I discovered higher risks From focus. Among the participants Panco Sabadel, who was asked whether the proposals raised by the “chosen” were sufficient.
In a brief post, it concludes that the process a “A threat to effective competition” In certain areas of banking services and payment services. Specifically, he pointed out that the focus will lead to the creation of a pioneering entity in many parts, in particular and in small and medium companies and independent perfection. Moreover, Select 96 municipalities Where the total of both banks will lead to a common share of more than 50 %, with the addition of more than 15 %, which leads to a state of decline in 48 of these municipalities.
In the same manner, in 72 postal symbols, monopoly (7) or Well the duo (65). Regarding the payment serviceThe resulting entity will reach a 30 % stake in the country, before warning of the deterioration of commercial conditions for individuals and independents, but also from the problems in reaching ATMs, automatic ATMs, Credit for small and medium -sized companies and financial exclusion. In these circumstances, the BBVA proposal is considered to help treat all these handicapped.
Among them is the beginning of the accounting of the weak customers; Maintenance of circulating lines and credit size for small and medium enterprises that receive less than 85 % This funding from BBVA and/or Banco Sabadell. Regarding the Sabadell agreements with the Euro6000 network and the Cardtronics network, it is suggested that in the event of its end, its customers are granted access to the ATMs that were owned by the Catalan group in the same conditions stipulated in the aforementioned agreements. Most of the above measures will be for them A three -year period, subject to extension for two other people in the case Thanks to small and medium companies. And 18 months with regard to access to ATMs. A period where CNMC will be responsible for supervising the fulfillment of approval.
The operation was notified to CNMC in May 2024 and was the last 12 In November, when he decided to raise it from the “first stage” A “stage of the second stage, Which requires a more test in the depth, as it is the first banking process that does not go ahead at this first stage. Since then, the agency has been studying the effects of fusion in the end and negotiating with it BBVA requirements in a process of extended In the calendar more than expected. For these types of situations, about three months are thought, as the accountant is paralyzed every time he requests information.
They exceeded Competition candidateThe regulator now leaves permission to the government until OPA is fulfilled. The Ministry of Economy has a month to ratify the decision to compete or impose additional measures based on the standards of the public interest that differs from competition such as national security or promotion of innovation. Sources of the department headed Carlos Body confirms that they will analyze “rigor and details” OPA receives the report once, so they ask for maximum wisdom until then.
Moncloa has repeatedly expressed her initial rejection of this “Marriage” claims the reasons for regional cohesion. This is alongside the reluctance that causes the Catalan parties, which is a major article for the continuity of the legislative body, leading to the belief that the executive authority will be placed by Sabadel, especially after the return of its headquarters to Catalonia. The President of Generalitat, Salvador Ella, has noticed this “They will be carefully examined” The report, as well as all data and analyzes to act with cohesion “, and defense above all CCAA interests, where there is a higher risk of concentration.” in Catalonia There is a rooted banking model in the countryIn the fabric of its business and its companies with a social commitment, “he added.
He accuses Sabadel against the CNMC methodology
From BBVA they celebrate the agency’s opinion and claim to “maintain competition”. Today CNMC has authorized the process between BBVA and Banco Sabadell, a growth project that creates a more bank Strong and medium with a financing capacity for companies and families“They determine. Possible marriage will lead to the second largest financial entity in Spain through the volume of credit, behind Caixabank.” The obligations we assume the preference for financial inclusion, and Regional and credit cohesion for small and medium -sized companies and self -governmentTorres added that the competition, especially in the areas that we will have a greater presence, such as Catalonia.
Meanwhile, Sabadel was criticizing the methodology used when looking at.Not suitable for analysis Therefore, the banking business union of small and medium -sized companies, and therefore, does not allow the consequences of this focus for these customers, “they point out before they remember that it is the shareholders who will get the last word when deciding whether they support the creation of” Megabanco “or not.
