The National Markets and Competition Commission (CNMC) has approved BBVA OPA to Banco Sabadellin the second phase and after eleven months of analysis, although it has imposed a series of conditions to promote competition in the market, according to the information sent by BBVA to the National Securities Market Commission (CNMV). As usual in this type of operations, The CNMC has conditioned its authorization to comply with certain commitments or requirements. However, the resolution will not be final until the Minister of Economy, Carlos Body, decides if he raises the file to the Council of Ministers. Among the commitments, the Do not close offices when there is no other at least 300 meters, Nor in postal codes with per capita income of less than 10,000 euros, or where there are less than three competitors, nor in municipalities of less than 5,000 inhabitants. It also highlights the commitment of Maintain commercial conditions for customers individuals, self -employed and SMEs in those postal codes in which there are less than four competitors. BBVA will also create an account for vulnerable customers, both from Banco Sabadell and BBVA, without commissions and with a free debit card, among other conditions. Regarding SMEs and self -employed, in addition to not closing any office specialized in companies from Banco Sabadell, BBVA undertakes, for three years (extendable two more years if the CNMC decides so), the Circulating lines to all SME Sabadell SMEs and credit lines and those destined for import and export of all self -employed customers of Banco Sabadell. «In addition, BBVA undertakes Maintain the total credit volume of SMEs whose cirbe share BBVA added and Banco Sabadell is at least 85%. In the Autonomous Communities where the quota in the credit segment to SMEs of the resulting entity is greater (Catalonia and Balearic Islands), this commitment will apply to SMEs whose cirbe added quota is at least 50%, «explains the bank. Likewise, for SMEs and self -employed located in postal codes in which less than four competitors are less than four, New credit prices will not exceed the average price applied nationwide. Regarding the acquirence market (TPVS), BBVA undertakes Keep the Conditions that SMEs and free customers had hired with BBVA and/or with Banco Sabadell. As CNMC has communicated in a press release, «considers that The commitments presented by BBVA are adequate, sufficient and provided to solve the problems that this concentration supposes for competition in the affected markets. «Since the Executive has expressed its opposition to this operation from the beginning, it is assumed that Economy will send the matter to the Council of Ministers within fifteen days marked by the regulations. Once the case reaches the Council, will have a month to decide whether ratifies the resolution of the CNMC or if it imposes new conditions to authorize the merger. However, all SME associations consulted by competition in recent weeks have expressed their rejection of commitments (or 'remedies', in technical terminology) proposed by the entity To overcome the problems derived from the concentration, considering that they are not enough to solve the risks detected.
Torres celebrates the decision
Carlos Torres Vilapresident of BBVA, has celebrated the jurisdiction decision, and stressed that «the commitments we assume before the CNMC They favor financial inclusion, territorial cohesion and credit to SMEs and self -employed, and preserve the competition, especially in the territories in which we will have a greater presence, such as Catalonia. « We estimate additional 5,000 million euros per year, «he adds.
Sabadell «Threats» alert
For its part, from Banco Sabadell, they emphasize that «The CNMC considers that the operation 'is a threat for effective competition in certain areas of the retail bank and payment services market '».» Sabadell has opposed the entire analysis process to the methodology used by the CNMC Because he understands that it is not adequate to analyze the union of banking business for SMEs and that, therefore, it does not allow to know the consequences that this concentration has for those clients. This CNMC decision is another step in the process prior to the case, where appropriate, the period for acceptance of the OPA, which will be when Banco Sabadell must decide whether they accept or reject the BBVA offer, «they indicate.