The European Central Bank (ECB) will not oppose BBVA’s takeover bid to take control of Banco Sabadell, according to a decision that the president of the entity with headquarters in Bilbao considers “a new milestone.”
He European Central Bank (ECB) has moved to BBVA its decision not to oppose the takeover bid (opa) that the financial institution has raised about the Sabadell Bank.
In a statement released this Thursday by the BBVAthe bank with headquarters in Bilbao and operational headquarters in Madrid confirmed the “non-opposition” of the European regulator and described it as “a new very relevant milestone.”
“Today we have received approval from the European Central Bank for our offer to the shareholders of Banco Sabadell. It is a very relevant new milestone which also underlines the solidity and solvency of this project,” said the president of BBVA, Carlos Torres Vila, in a video statement released by the entity.
The senior banking executive added that, after the favorable decision of the European supervisor based in Frankfurt, they now hope to “receive the rest of authorizations according to the planned schedule” and continue advancing the operation.
The green light from the ECB paves the way for the next steps: the takeover still has to obtain approval from the National Securities Market Commission (CNMV) and that of the National Markets and Competition Commission (CNMC), in addition to the approval of the shareholder of the Sabadell Bank that holds the majority of the share capital.
