The president of the Generalitat of Valencia, Carlos Mazón, and the president of the Valencian Business Confederation (CEV), Salvador Navarro, have shown their “concern” about the possible merger between BBVA and Sabadell, since the new group would concentrate 60% of the banking market in the Valencian Community and the headquarters of the second entity would no longer be in Alicante if it prospers. This was stated before an event organized by La Vanguardia in Valencia, in which the Valencian economic future is analyzed.
“I didn’t like the news at all,” Mazón said after BBVA informed the National Securities Market Commission (CNMV) on Tuesday of its interest in exploring a merger that would create the largest bank in Spain. This operation would form an entity with about 400 offices and 2,500 workers in the community.
The head of the Consell has explained that he has contacted “directly with Banco Sabadell” early this Thursday and they have told him that “they are studying the operation in detail, exhaustively and at the moment they are analyzing the response they are going to give.” .
“It worries me. Firstly, because I am in favor of competition, of citizens having the greatest possible alternatives. If this operation were to be forged, we would be talking about two large financial entities in the Valencian Community concentrating almost 60% of the market, and to me this does not seem like good news. “I want more financial entities in which citizens can choose,” she said.
At the same time, Mazón has warned that they will be “vigilant” against the possibility that the corporate headquarters will no longer be in Alicante, the city to which Sabadell moved it in 2017 due to the political situation in Catalonia. “We have to defend our territory,” he stressed, although he stressed that “in the end (the corporate headquarters) all end up in Madrid, beyond an institutional or symbolic nod.”
In any case, he has defended that “we must be cautious” and “finish analyzing the details.” “We are going to be on top, we have always been during these days, we are going to have a very constant flow of dialogue to be aware of what the decisions are and what evolution they may have,” he declared, to insist that he is “ worried” and that he does not say it “with a smile.”
Along the same lines, the president of the CEV has shown “some concern” from the Valencian business community about the possible merger, since the lack of competition “makes credit stop flowing.”
“We are going to try to transfer the pressure, and I say it this way, to the resulting entity so that the commitment to the territory is maintained as much as possible,” he stated, and warned that if the merger goes ahead “it will harm the Valencian Community.” ” because “again the companies will go to the registered office in Madrid, which is what is happening with some entities.”
“We know little else,” Navarro added, after pointing out that it is a business decision and highlighting the involvement of Sabadell in the Community with “a very high percentage of participation both at the level of credit or participation of companies or citizens.”
