The Spanish bank BBVA confirmed this Tuesday, in a statement to the CNMV, that it contacted its rival Sabadell to re-study a potential merger. This is a second attempt after the one that failed in 2020.
The Spanish bank BBVA confirmed this Tuesday, in a statement to the CNMV, that it contacted its rival Sabadell to re-study a potential merger. This is a second attempt after the one that failed in 2020.
The Basque bank conveyed to the president of the Catalan bank, Josep Oliu, “the interest of the BBVA board of directors in starting negotiations to explore a possible merger between both institutions”, as confirmed by the group led by Carlos Torres to the National Market Commission. Values (CNMV).
BBVA revealed that it “appointed advisors” to analyze the operation. The Spanish bank mandated JP Morgan and UBS, according to market sources cited by the Spanish press.
Sabadell, in turn, confirmed to the CNMV that he received “at 1:43 pm today an indicative written proposal from BBVA for a merger”. “Banco Sabadell’s board of directors will adequately analyze all aspects of the proposal,” he revealed.
BBVA is the second largest creditor in the euro zone, with a market value of around 60 billion euros.
At 12:25 pm, Sabadell shares rose more than 7%, reaching a market value of around 10 billion euros, while BBVA fell 6.5%.
If the merger goes ahead, it will form the second banking group in Spain after Santander and the third in Europe, after UBS, with a market value of around 70 billion euros, according to data from yesterday’s closing of trading calculated by El Economista .
Their combination would be complementary in business, due to Sabadell’s strong position in SMEs and BBVA in large companies and private clients.
