Catalonia's leading business organization, Fomento del Trabajo, has expressed significant opposition to BBVA's hostile takeover bid for Banco Sabadell, a sentiment echoed by various business associations and stakeholders primarily linked to the region.

Since BBVA's CEO Carlos Torres announced the takeover offer last May, voices from the business community have grown increasingly vocal as the resolution phase approaches.

On April 1, 2025, the president of Fomento del Trabajo, Josep Sánchez Llibre, warned that if the takeover materializes, small and medium-sized enterprises (SMEs) could face a loss of approximately €75 billion in financing.

This figure represents half of the total credit provided by Sabadell to SMEs, which stands at €150 billion.

During the financial market analysis event titled "Analysis of the Financial Market: Impact on the Spanish SME," Sánchez Llibre stated that many small businesses might have to close due to a lack of available financing.

He further claimed that if BBVA succeeds in absorbing Sabadell, entrepreneurs would be compelled to "reinvent the creation of a new bank," harking back to the founding of Sabadell over a century ago.

According to Sánchez Llibre, such a merger would adversely affect employment, referencing job losses incurred after the collapse of Lehman Brothers.

In contrast, BBVA representatives countered these claims, asserting that the merger with Sabadell represents a solid commitment to the business community.

They highlighted BBVA's leadership in SME financing, with a 26.5% acquisition rate over the past year and a 16% growth in financing to the business sector in Spain over the last four years, during a time when overall financing for this segment declined by 5%.

They also reported channeling nearly €20 billion into Catalonia alone in the past year, thereby underscoring their dedication to supporting SMEs.

The discussions also included the president of Cepyme, Gerardo Cuerva, and the general secretary of UGT, Pepe Álvarez, with a strong emphasis on the importance of credit for SMEs.

Cuerva noted that SMEs have lost €15 billion in credit compared to the pre-COVID-19 era, while Álvarez backed the business opposition to the takeover, asserting that the potential merger would significantly impact credit availability, with implications for employment and worker well-being.

Sánchez Llibre mentioned that Fomento del Trabajo has filed a petition with the National Court requesting a thorough analysis of the merger's risks after an unsuccessful attempt before the National Commission on Markets and Competition (CNMC).

The organization anticipates a favorable resolution to their appeal and seeks precautionary measures to suspend the hostile takeover.

In the absence of action, they urge the CNMC to implement necessary reforms and structural measures to assess the takeover's risks more sharply.

Álvarez echoed these sentiments, urging the government to evaluate the potential impact of the takeover bid.

He pointed out that Spain has the fewest bank branches per capita in the European Union and a lower number of financial sector workers per capita than other countries.

Cuerva emphasized the need to safeguard competition in the banking sector, warning that increased banking consolidation would only worsen credit conditions for smaller enterprises, exacerbating economic challenges in the country.

They raised concerns that the relatively smaller size of Spanish SMEs compared to the European average makes commercial bank financing critical for these businesses, as reliance on alternative financing options remains limited.