It is an unprecedented phenomenon in the Valencian Community. Not even when the Valencian financial system collapsed, with the disappearance of Bancaixa, CAM and Banco de València, after the bursting of the real estate bubble and due to the disastrous management of its directors, was there a similar reaction. Because yesterday the Generalitat Valenciana, the employers’ associations, the unions and even the Valencian Association of Consumers and Users, Avacu, openly showed their rejection of BBVA’s hostile takeover of Banc Sabadell.
An entity that is the leading bank in market share in Alicante, since it bought the old CAM in 2012: 10% of the companies and 20% of the entity’s individual clients are in this province. Thanks to the intense implementation that the CAM had in Alicante, Sabadell maintains an extraordinary market share in the province, 40% in the case of individuals and 25% among companies. Another fact: Sabadell has 1,160 workers in this autonomy, it has 211 offices, of which 132 are in the province of Alicante, 61 in Valencia and 17 in Castellón.
The one who showed the most decisiveness regarding BBVA’s operations was Carlos Mazón. The Valencian president reiterated that he was “totally against” the takeover bid and defended that “we are here not only to defend the involvement of financial entities in our territory, which is fundamental and we are doing it. We are also here to defend the jobs of hundreds and hundreds of offices, which are from the former goodwill of the CAM, which have served people daily knowing them by their names and surnames.”
He stated that “we have to fight so that there are options, so that there is not a banking concentration that prevents the possibility of choosing appropriately and having choice options for consumers.” And he called on small shareholders to mobilize against the takeover bid. “Almost 20% of Sabadell’s shareholders are small shareholders who come from CAM, people who had their participative accounts, who have up to 20% and who may currently be subject to the decisions of some large funds, Forks”. “I publicly ask you to also fight for the rights of our land, for your own security, for your own stability.” He also asked that the PSPV and Compromís take a position against the operation.
The leaders of the Valencian employers’ associations have taken the same line. Salvador Navarro, president of the Business Confederation of the Valencian Community, warned of the “danger” of a takeover bid that could end Sabadell’s presence in the Valencian Community and reduce competition. “We are concerned about the strong concentration and what this means for credit.” Navarro applauded that Sabadell rejected the merger before the takeover bid was formalized. Avacu, for its part, argued that the disappearance of Sabadell would be a detriment to Valencians “because it would aggravate the problems caused to consumers by the closure of offices and this hostile takeover, if it went ahead, could generate a new massive closure in those communities.” with a greater presence of both entities, as is the case with ours.” He added that another effect would be that the supply of financial products “would be reduced and that would generate less competition and, therefore, worse conditions in the banking products and services that consumers receive.”
Sabadell moved its headquarters to Alicante in 2017 because of the process. The possibility of it disappearing has recalled the moment in which an autonomous financial system that had the third and fifth savings banks in Spain, in addition to the Banco de València, the jewel in the crown, was dynamited. The activity of Sabadell in Alicante, and CaixaBank in Valencia, cushioned this situation of orphanhood of Valencian entities. In fact, its imbrication in society goes beyond the commercial aspect. That is why alarms have now been raised and the Valencian Community flatly rejects BBVA’s takeover bid for Sabadell.
