The Minister of Economy of the Generalitat, Natàlia Mas, claimed yesterday about a hypothetical merger between BBVA and Banco Sabadell that “Catalan citizens and SMEs need more financial institutions, not less”. In statements made available by the Department of Economy of the Generalitat, the minister showed her “respect for the decisions taken by those involved in the operation”, but emphasized the consequences of this possible merger in the sense of reducing the number of banking actors.
Mas recalled that a mapping of the financial sector commissioned by the Generalitat was recently made public which highlighted that a total of 628 companies are part of this sector in Catalonia and that they employ around 100,000 people, although he added that it is necessary to continue “strengthening” this sector.
It should not be forgotten that both CaixaBank and Banco Sabadell set up their headquarters outside Catalonia following the political crisis in the process.
An eventual merger between Banco Sabadell and BBVA could lead to a reduction in staff and offices throughout Spain and also in Catalonia, according to industry sources. In the case of Sabadell, which moved its headquarters to Alicante in 2017, it has corporate centers in both Sant Cugat del Vallès and Madrid.
For his part, the Minister of Economy, Trade and Enterprise, Carlos Cuerpo, was cautious in view of the possible merger between the two entities, and said that “it is important” that the sector continues to maintain “a competitive situation ”, since the banking sector will be concentrated in three large banking groups.
“It is not only necessary to establish and encourage the sector to continue to have those good levels of profitability and solvency”, remarked the head of Economy. In this sense, the minister pointed out that the necessary mechanisms exist for this, among which he mentioned the National Market and Competition Commission (CNMC), which “will ensure that this is so”.
In any case, regarding the procedure, Cuerpo said that the process “progresses through the CNMV channel” (National Stock Market Commission) and we will gradually see “the impact” on the markets and on competition , something that is “fundamental”.
With regard to the situation of the sector, he recalled that the data and figures that have become known in recent days “speak of high profitability, solvency and liquidity at levels among the highest in the entire European continent “.
