MADRID, 9 May. (EUROPA PRESS) –
The Government has expressed its rejection of the hostile takeover bid (OPA) launched by BBVA for 100% of Banco Sabadell “both in form and substance”, as sources from the Ministry of Finance have indicated to Europa Press. Economy, Commerce and Business.
The same sources have warned that this operation introduces “potential harmful effects” in the Spanish financial system, as it would mean an increase in the level of concentration “that could have a negative impact on employment and the provision of financial services.”
“An excessive level of concentration would introduce an additional potential risk to financial stability, as indicated yesterday by the governor of the Bank of Spain,” the Economy sources point out.
Likewise, the Government understands that the operation would also affect territorial cohesion due to the presence of these financial entities in the territory.
“Spain currently has a strong and solvent financial system. Our duty is to ensure that we maintain a solid financial system, which continues to contribute to the growth of our economy and to the agenda of financial inclusion and customer protection,” they say from the Ministry headed by Carlos Body.
