The government signaled on Wednesday that any merger between BBVA and Banco Sabadell, if it proceeds, must respect competition and preserve the gains achieved in recent years in financial inclusion. It underscored the need to safeguard a competitive financial sector and highlighted that the sector is currently sound and solvent.
Officials from the Ministry of Economy, led by Carlos Cuerpo, stressed that prudence is essential since the merger is only a potential development at this stage. They assured that the operation would be examined through proper channels to assess its impact.
In concrete terms, the government stressed that the proposal will be reviewed by the National Commission for Markets and Competition, known as CNMC. The CNMC will monitor any effects on competition and defend the notable advances made in financial inclusion in recent years.
Alerta de Yolanda Díaz
Yolanda Díaz, the deputy prime minister and minister of Labor and Social Economy, warned about the high level of banking concentration in Spain in light of the potential merger. She described the situation as a systemic risk that could threaten financial stability.
In an interview with Ser, reported by Europa Press, Díaz noted that banking concentration had risen from about 40 percent to roughly 70 percent and suggested that the merger could lead to a job cut process. She also argued that a merger would likely harm banking services and increase financial exclusion, degrading the quality of public service toward citizens.
Díaz explained that she has discussed these concerns with government partners and indicated that the government would not hesitate to demand guarantees on employment if the merger moves forward. The government maintains that it will explore all options to preserve employment and ensure service quality for the public.