The Minister of Economy of the Generalitat, Natàlia Mas, claimed yesterday, in the face of a hypothetical merger between BBVA and Banco Sabadell, that "Catalan citizens and SMEs need more financial institutions, and not less." In statements provided by the Department of Economy of the Generalitat, the minister initially showed her “respect for the decisions made by those involved in the operation,” but she emphasized the consequences of this possible merger in the sense of reducing the number of banking actors.
Mas recalled that a mapping of the financial sector commissioned by the Generalitat was recently released, which showed that a total of 628 companies make up this sector in Catalonia and that they employ some 100,000 people, although he added that we must continue to “strengthen ” this sector.
It should not be forgotten that both CaixaBank and Banc Sabadell set up their headquarters outside of Catalonia as a result of the political crisis in the process.
A possible merger between Banc Sabadell and BBVA could lead to a reduction in staff and offices throughout Spain and also in Catalonia, according to sector sources. In the case of Sabadell, which moved its headquarters to Alicante in 2017, it has corporate centers in both Sant Cugat del Vallès and Madrid.
For his part, the Minister of Economy, Commerce and Business, Carlos Body, was cautious about the possible merger between the two entities, and said that "it is important" that the sector continues to maintain "a competitive situation", since the sector banking will be concentrated with three large banking groups.
“Not only must we support and encourage the sector to continue to have those good levels of profitability and solvency,” remarked the head of Economy. In this sense, the minister pointed out that the necessary mechanisms exist for this, and among them he cited the National Market and Competition Commission (CNMC), which "will ensure that this is the case."
In any case, regarding the procedure, Corpus said that the process “advances through the channel of the CNMV” (National Securities Market Commission) and “the impact” will be seen on the part of the markets and on the competition. , something that is “fundamental”.
Regarding the situation of the sector, he recalled that the data and figures that have become known in recent days "speak of high profitability, solvency and liquidity at levels among the highest on the entire European continent."
