BBVA's pursuit of Banco Sabadell through a takeover bid has sparked significant discussion, particularly among Catalan businesses who are understandably concerned about the potential ramifications for local banking support. Peio Belausteguigoitia, the BBVA country manager for Spain, took proactive steps to address these worries during a recent meeting with representatives from the Catalan family business sector.
Meeting on February 27, 2025, Belausteguigoitia took the opportunity to reinforce BBVA's commitment to supporting the Catalan economy, which has seen impressive developments over the past few years thanks to small and medium enterprises (SMEs). He noted, "BBVA is the bank where the new Catalan SMEs have put their most trust," highlighting BBVA's integral role within the Catalan financial ecosystem.
The concerns stem from apprehensions about losing strong, local banking partners like Banco Sabadell, which is synonymous with Catalan business culture. The fear is palpable among local companies who rely on the personal touch and familiarity of local banks to support their growth. To counter such criticisms, Belausteguigoitia assured stakeholders of BBVA's continued focus on increasing credit availability to businesses. He revealed, "The operation would benefit Catalonia, its SMEs, its clients, and the shareholders of both entities," emphasizing the intended positive outcomes of the merger for all parties involved.
This takeover bid is currently undergoing analysis by the National Commission on Markets and Competition (CNMC) amid apprehensions from various political and business sectors opposing the merger, underlining the complex interrelations within the industry. Nonetheless, BBVA's strategy remains optimistic, aiming to boost not just its market presence but also the overall financial health of the region.
During the meeting, Belausteguigoitia provided concrete evidence of BBVA's commitment to supporting the Catalonia region's business climate. He reported, "Over the last four years, new financing to SMEs and self-employed workers has increased by €65.5 billion." This substantial figure showcases BBVA's aggressive push to fulfill the financial needs of the business community, ensuring they have access to much-needed resources.
Meanwhile, BBVA's focus aligns seamlessly with the broader aspirations of Catalonia's economy, where approximately 90% of the companies are family-run enterprises generating over 75% of local employment. These businesses are the economic backbone of the community, acting as key drivers of sustainable growth and innovation. Reflecting this sentiment, he stated, "This integration is a clear commitment to businesses and SMEs,” drawing attention to the strategic alignment between the two banks.
Looking forward, Belausteguigoitia emphasized the long-term importance of merging BBVA and Banco Sabadell's capabilities to offer more comprehensive services to Catalan businesses. He assured stakeholders, "The SMEs will continue to have alternatives for accessing financing after the merger, making sure the system remains competitive.” His remarks highlighted the contrasting standpoint from Banco Sabadell, which claims the merger could threaten the very roots of the local banking framework.
He underscored the necessity for stronger banks, asserting, "To maintain the growth pace of the Catalan business ecosystem, it will be fundamental to have more solid institutions." According to him, these financial powerhouses would be able to face new challenges posed by technological and sustainability investments—both of which are deemed pivotal for retaining competitiveness on both national and European fronts.
The response from the Catalan business community has been mixed but largely cautious as many weigh potential risks against the presumed benefits of expansion and increased financial backing. While some view the merger as a positive evolution, others remain skeptical about losing local institutions delicate to their specific needs.
BBVA's approach to this issue suggests they are fully conscious of these concerns, and their engagement with local stakeholders indicates their dedication to fostering trust and transparency throughout this acquisition process. It will be intriguing to see how the CNMC rules on this significant phase of institutional change, which has the potential to reshape the Catalan banking sector.
Despite the challenges, BBVA's relentless campaign to gather support reinforces their belief in the merger's positive impact. Their arguments posited by Belausteguigoitia about the need for larger financial entities to fuel Catalonia's economy reflects broader trends seen across the globe where consolidation often seeks to create efficiencies and stronger networks.
Whether through enhanced access to capital or expanded services, the theoretical underpinnings of merging BBVA and Banco Sabadell remain compelling, albeit not without dissent. This narrative continues to evolve as the market reacts and the authorities weigh the balance between competition and consolidation.
For now, the spotlight remains on the ensuing deliberations and outcomes surrounding this noteworthy initiative, which promises to significantly influence the future of business finance within Catalonia.