Various business organizations in Spain, including the national federation of small and medium-sized enterprises Cepyme, Catalonia's Foment del Treball, Galicia's CEG, and the Valencia and Catalonia chambers of commerce, have united against BBVA's takeover bid for Banc Sabadell.

This unusual coalition, which includes the union UGT, gathered on Tuesday at the BBVA headquarters on Paseo de la Castellana in Madrid to publicly denounce the corporate acquisition.

The meeting occurs as the National Commission of Markets and Competition (CNMC) completes its in-depth analysis of the bid, having previously dismissed objections from 79 different associations.

UGT and Foment have also appealed the CNMC’s decision, which barred them from participating in the process.

Gerardo Cuerva, president of Cepyme, emphasized the necessity of maintaining competition in the banking sector, asserting that weakening competition would hinder access to credit for small and medium-sized enterprises (SMEs) and stifle their growth potential.

He characterized access to credit as vital for businesses and a crucial element for enhancing national competitiveness.

Josep Sánchez Llibre, president of Foment, warned that if BBVA's hostile takeover succeeds, it could result in a loss of approximately 75 billion euros in financing available to SMEs and self-employed workers, equivalent to half of the credit provided by Sabadell.

This assertion is based on lessons learned from previous mergers and acquisitions.

He contrasted this outlook with BBVA's claim of making an additional 5 billion euros available to clients post-acquisition.

In response, BBVA representatives stated that their merger with Sabadell represents a strong commitment to the entrepreneurial sector.

They contend that customers of Sabadell would benefit from joining BBVA, which has recently claimed a 26.5% market share in SME banking and has increased lending to businesses by 16% in the past four years.

The BBVA leadership, including CEO Carlos Torres, reiterated at the Wake Up Spain event that the merger would enhance their capacity to grant credit to families and businesses by an estimated 5 billion euros annually due to increased scale and improved results.

Sánchez Llibre also highlighted the historical presence of Banc Sabadell in Catalonia, suggesting that the potential loss of the bank would necessitate the creation of a new banking institution, reminiscent of efforts made by entrepreneurs over 145 years ago.

UGT General Secretary Pepe Álvarez remarked that the takeover bid poses a significant risk to employment levels, urging the Spanish government to impose stricter conditions on the transition than those proposed by the CNMC.

He stressed the importance for the government to thoroughly assess the consequences of such a measure before approval, pointing to the potential impact on SME financing and job security.

Representatives from Valencia and Galicia voiced their support for the unified stance, with Juan Manuel Vieites of CEG and Jaume Fábrega of the Chamber of Commerce of Girona contributing to the dialogue at the Madrid event.

Carlos Baño from the Valencia Chamber of Commerce expressed concern that the hostile takeover reflects a trend of concentration in the financial sector, potentially limiting player diversity and centralizing decision-making.

In reaction to the event, sources from Banc Sabadell indicated that the widespread concern among business associations, chambers of commerce, and trade unions signals a significant problem.

They reiterated that the takeover is resulting in unanimous public opposition, warning that its execution could adversely affect Spanish SMEs and, by extension, the broader economy.