UGT and CCOA alert up to 10,000 jobs in BBVA OPA general advice on Sabadell
CCOO and UGT joined the most representative trade union organizations in areas affected by BBVA OPA on Banco Sabadell -CatalUñA, Valencian community, ASTURIAS and Galicia- to warn the government about the effects that the banking sector will suffer if BBVA OPA is on Banco Sabadell. Within the framework of the general advice opened by the executive authority, they warned that this merger project requires economic and social risks and work.
“The message sent by both unions was sent to the Minister of Economy, Trade and the company, confirming what both organizations condemn:” The process is not justified for the reasons for competence or competitiveness, and on the contrary, this means serious harm in the work, “the loss,”.
In this specified case, they remember that they can disappear between 7684 and 10,567 direct jobs, with a special occurrence in people over 50 years of age, with a branch between 589 and 883 closed. The unions also argue that the resulting entity will focus on about 70 % of the country’s bank assets, which, as warning, highlights the regulatory risks and weakens the health of the financial system.
“From a regional perspective, this process will undermine social and economic cohesion, which weakens the productive fabric in exposed societies in particular. Eliminating a major operator such as Sabadil Bank in the areas where it has strong implementation (Catalonia, Valnaian, Astoria, or Murcia), represents a direct threat to additional services and its ability to do so.
Likewise, they call “the lack of responsibility” to allocate billions to improve the shareholders ’reward or bypass the offer instead of strengthening the capital in order to prepare for the threats of” an uncertain international economic context. ” In this line, they assert that OPA “does not have social or institutional support.” “We move to the government of Spain, which adopts the necessary measures to prevent the process that society rejected as a whole, which threatens to focus on banking, weakens competition, destroying employment, and making credit more expensive and worsening.”
The deadline for participating in the general advice ends on Friday. Now the Ministry of Economy until May 27 has to analyze whether it is raising the process to the cabinet. On the other hand, it will have a month to decide whether the union will be approved by the conditions approved by the National Markets and Competition Committee (CNMC) or, on the contrary, imposes additional conditions on the obligations raised by BBVA to the regulator. Do not consider regulations that you can prevent the process.
The body specifically explained that the initiative “is not considered yes or no.” Instead, the goal is to obtain “qualitative information” about the reasons for general attention that affected people or participants may have.
