The merger of BBVA and Sabadell would generate a very powerful banking entity that would be among the ten largest in Europe and would be in a position to compete better in such a globalized world. This is on paper the reason for the operation initiated by BBVA that would allow it to become strong again in Spain after disposing of its subsidiary in the United States. The logic of the team led by Carlos Torres only presents one problem: for two to get married there must be consent. And Sabadell has not been nor is it for the job.
The bank chaired by Josep Oliu and directed by César González-Bueno is growing and has a promising future. This marriage is by no means his priority, and he has moved well to first stop the friendly offer and then achieve a great consensus against the hostile takeover proposed yesterday by BBVA. Because yesterday something never seen before in Catalan politics happened when all the parties from the right to the left, from the nationalists to the non-nationalists, agreed to clearly oppose the BBVA operation. The electoral campaign decisively marked the opinion of political actors. The fact that the takeover bid was launched so few days before the election is surprising, although BBVA sources point out that they were obliged to do so, once the news of their interest in Sabadell was leaked. “The idea was not to go so fast,” they noted.
The Government also rejected it categorically and wanted to make it clear that it is the Executive of Pedro Sánchez who “has the last word” regarding the final approval of the operation. And one fact: there were no political voices in favor of the operation. Fear of banking concentration and the risk that many small and medium-sized companies will be left without fewer means of financing.
From now on, a period of great uncertainty begins that could last about eight months in which BBVA will have to finalize the offer and surely go to a capital increase to bring the operation to a successful conclusion. However, the start of this has not been what BBVA bankers surely expected.
