BBVA's Unwavering Commitment to Sabadell Acquisition

In a bold move, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has reaffirmed its offer to acquire Banco de Sabadell, S.A., despite the Spanish government's stringent conditions. The government mandates that both banks maintain legal and operational independence for at least three years post-acquisition.

Official Communication to CNMV

BBVA formally communicated its stance through a letter to the Spanish National Securities Market Commission (CNMV), highlighting its adjusted proposal in compliance with the government's requirements.

Strategic Decision Post-TBS Acquisition

Interestingly, BBVA had the option to retract its offer following its acquisition of Sabadell's British subsidiary, TBS. However, the bank chose to proceed, demonstrating its strategic interest in Sabadell beyond the TBS deal.