BBVA’s chief executive Onur Genç led the press conference with strong results for the group, yet the questions dominated the discussion in a way the numbers did not control. The recent decision by Spain’s competition watchdog remains unresolved, and the proposed deal moves into a decisive early phase. In this moment, Genç aimed to deliver two messages with different implications that would unfold unevenly.
All of this unfolds as Banco Sabadell’s bid and its hostile offer spark a battle over narrative in every corner of the business world. Genç stated, “We did the right thing” regarding the move that included Sabadell’s chairman Carlos Torres. He repeated there is no competition problem and that the figures create value for shareholders on both BBVA and Sabadell sides.
Genç added that the business is evolving and that technology serves as the entry point for growth. Growth in new clients comes with this hallmark and with neobanks, among which Spanish institutions are not included. He argued that the strategic logic makes sense. Clients will have more opportunities, headcount will shrink, but discussions have shown that layoffs are expected to be voluntary.
The Nuances
From there, Genç’s remarks were gradually clarified with important qualifiers. The clearest takeaway is that the door remains open to withdraw the Sabadell bid if the CNMC places conditions that clash with the objective.
The Turkish banker reminded listeners that BBVA could walk away if the commission imposes conditions perceived as excessive or unacceptable. Still, he denied that those are the central scenarios being considered.
BBVA believes the operation will be approved by the competition authority with non‑structural but manageable conditions, the same path the regulator followed with the CaixaBank‑Bankia merger to create a larger entity. Genç also noted there is no past case where the securities regulator would close the acceptance period without a formal ruling from the competition authority, signaling confidence that a clear position will emerge this time as well, a point not yet clarified by the authority.
Within the confidentiality surrounding the information exchange between the bank and the regulator, Genç confirmed a letter proposing new remedies had been submitted, but he stated nothing has changes regarding the 2020 proposal. The plan to maintain non‑financial operations from that period keeps the San Cugat center at the heart of the group. He did not comment on any implications for Alicante, which hosts the core IT hub of the Catalan lender. So far, only the head of the regional chamber has publicly stated that BBVA would maintain the facilities.
Nevertheless, under repeated questioning, Genç asked why the process is being resisted and criticized those who want to prolong it. He warned that uncertainty is never beneficial for anyone involved.
When it was asserted that the bid is hostile, he rejected that label, calling it unsolicited. He urged observers to inquire with Sabadell’s legitimate owners to dispel doubts. Finally, the banker reaffirmed BBVA’s willingness to engage in a dialogue with the Spanish government to explain the offer, although he did not comment on the government’s reiterated stance.