On May 1, 2025, Yolanda Díaz, Spain's Second Deputy Prime Minister and Minister of Labor and Social Economy, urged the government to halt BBVA's takeover bid for Banco Sabadell, which she described as "very bad news". Her comments came shortly after the National Commission of Markets and Competition (CNMC) granted conditional approval for the takeover, a decision that has sparked significant controversy and debate.
Díaz emphasized that the government holds the ultimate authority in this matter, stating, "the Government has the last word in this matter". She believes that proceeding with the takeover would be a grave error, particularly as it would undermine the economic, social, cultural, and trade union structures of Catalonia. "This operation is a major mistake," she asserted during an interview on RTVE, adding that it would lead to layoffs estimated at around 5,000 jobs as offices are closed in the integration process.
Describing the CNMC's decision as detrimental, Díaz warned that the takeover would exacerbate systemic risks within the Spanish banking sector, restrict access to credit for families and small and medium-sized enterprises (SMEs), and deepen the ongoing concentration of banking, which has already reached 70% in Spain. "This operation will lose democracy," she lamented, calling for the government to prioritize the common good over corporate interests.
Her remarks came amid the backdrop of International Workers' Day, where she also addressed the ongoing discussions surrounding the reduction of the workweek. Díaz announced that the legislative process for this reduction has reached a "point of no return" and is expected to be approved in the Council of Ministers next week, following a delay due to a recent power outage. She criticized the Popular Party (PP) for their lack of clarity on their position regarding this initiative, questioning the purpose of their 137 seats in parliament if they do not support measures that benefit workers.
In response to the CNMC's approval, various business organizations have expressed their opposition. Pimec, the association representing small and medium enterprises in Catalonia, issued a statement denouncing the decision, arguing that the takeover would directly harm the flow of credit to smaller companies and pose persistent risks for SMEs and territorial equity. They urged the Minister of Economy, Carlos Cuerpo, to leverage his position to protect the general interest during the regulatory process.
Foment del Treball, a major business federation in Catalonia, echoed these concerns, with its president, Josep Sánchez Llibre, reiterating calls to prevent the takeover or significantly raise the conditions imposed on BBVA. He emphasized that mergers rarely benefit consumers, stating, "When two large banks merge, it never adds up for the clients." They estimate that the merger could lead to a drop in loan availability amounting to 75 billion euros.
Díaz's opposition to the takeover bid is further complicated by the contrasting stance of the Ministry of Economy, which has adopted a more cautious approach. Spokespersons for Minister Cuerpo have indicated that they will thoroughly analyze the CNMC's report before making any decisions. This divergence highlights the internal tensions within the government coalition regarding economic policy and corporate oversight.
Moreover, Díaz has called for accountability regarding the recent blackout that paralyzed transport and closed businesses across Spain. She demanded that electrical companies cooperate with the government to clarify the causes of the incident, emphasizing that such a strategic sector should remain under public control to ensure accountability and transparency. She criticized the private monopoly of Red Eléctrica, arguing that since its privatization, energy costs have only increased.
As the political landscape continues to shift, Díaz's calls resonate with many workers and citizens concerned about the implications of corporate mergers and the accessibility of essential services. The upcoming decisions regarding the BBVA-Sabadell takeover and the reduction of the workweek will be crucial in shaping the future of Spain's economic and social fabric.
In the wake of the CNMC's approval, the pressure is mounting on the government to act decisively. Díaz's insistence on protecting the interests of the working class and maintaining a robust public sector reflects a broader commitment to ensuring that economic policies serve the needs of all citizens, rather than just corporate interests. As the government prepares for its next steps, the stakes are high, and the eyes of the nation are watching.
