Spain’s CNMC Poised to Approve BBVA’s Takeover of Sabadell

Spain’s competition authority, the CNMC, is expected to greenlight BBVA’s planned acquisition of Banco Sabadell as early as next week, according to Reuters, marking a significant step forward in a contentious bid that has drawn attention across the financial sector.

Citing two individuals familiar with the proceedings, Reuters reported that the CNMC’s approval will likely include certain conditions—known as remedies—intended to address potential market concerns. However, one of the sources indicated that these conditions are not anticipated to be particularly burdensome.

The deal, valued at over 12 billion euros ($13.65 billion) when first proposed, represents one of the most high-profile and aggressive banking takeovers in Spain in recent years. BBVA surprised the market in May last year when it launched a hostile bid for its smaller rival, aiming to form a banking giant with more than 1 trillion euros in assets.

Related: Spain’s BBVA Remains Optimistic About Hostile Takeover of Sabadell

According to Reuters, BBVA views the merger as a strategic move to enhance its scale and competitiveness, particularly in a challenging financial landscape shaped by low interest rates. The enlarged entity would seek to strengthen its footing both domestically and across key international markets.

While the CNMC’s decision would mark an important milestone, the deal must still navigate additional regulatory and shareholder scrutiny before completion.

Source: Reuters