CNMC President Endorses BBVA's Acquisition of Banco Sabadell Amidst Market Changes
Cani Fernández defends regulatory assessment against Banco Sabadell's CEO's concerns regarding SME credit impact.
Cani Fernández, the President of the National Commission on Markets and Competition (CNMC), addressed the Spanish Congressional Economic Commission on May 14, 2025, to clarify the CNMC's stance regarding BBVA's bid for Banco Sabadell.
In her statements, Fernández tackled criticisms from Banco Sabadell's CEO, César González-Bueno, particularly regarding the purported negative impact on credit availability for small and medium-sized enterprises (SMEs) in regions such as Catalonia following a potential merger.
Fernández asserted that Banco Sabadell is already losing market share in SME credit to existing competitors, including CaixaBank, which has been regaining ground in the market without BBVA’s involvement.
She specified, "The banks that are capturing market share, including CaixaBank, are already present and competing today."
While acknowledging that some SMEs might seek to change banks post-merger, Fernández maintained that BBVA's commitment to uphold existing customer conditions for up to five years was sufficient.
"We are witnessing enough movement with other operators to accept BBVA's commitments," she said, effectively legitimizing the absorption of Banco Sabadell.
Contrarily, González-Bueno voiced concerns earlier this year, emphasizing in a publication that the CNMC should not accept temporary commitments as solutions, arguing that the structural issues in the market necessitate all four main domestic players—CaixaBank, Santander, BBVA, and Sabadell—to remain competitive.
In her address, Fernández distanced herself from the government's recent public consultation aimed at imposing additional conditions on the merger, suggesting that the CNMC had already conducted its own public inquiry prior to granting approval.
She stated that the CNMC had solicited information from more than 58 entities, including traditional banks, neobanks, digital banks, consumer associations, and various enterprise groups, all of which contributed to the evaluation of the operation.
The financial sector expressed surprise at the government's need to initiate a public consultation, particularly after the CNMC had not presented any dissenting opinions on the merger.
Fernández reiterated the CNMC’s independence, stating, "I am proud of the independence exhibited by the technical services and council members in the defense of competition."
She emphasized that the CNMC has addressed potential risks for consumers, particularly vulnerable populations, thereby preemptively countering any future arguments from the government against the merger.
Additionally, Fernández noted that even Pere Soler, the councilor appointed by Junts, had not diverged from the CNMC's decision, despite his party's criticism of BBVA.
"I want to publicly acknowledge the effort of all council members to achieve consensus," she concluded.
In her statements, Fernández tackled criticisms from Banco Sabadell's CEO, César González-Bueno, particularly regarding the purported negative impact on credit availability for small and medium-sized enterprises (SMEs) in regions such as Catalonia following a potential merger.
Fernández asserted that Banco Sabadell is already losing market share in SME credit to existing competitors, including CaixaBank, which has been regaining ground in the market without BBVA’s involvement.
She specified, "The banks that are capturing market share, including CaixaBank, are already present and competing today."
While acknowledging that some SMEs might seek to change banks post-merger, Fernández maintained that BBVA's commitment to uphold existing customer conditions for up to five years was sufficient.
"We are witnessing enough movement with other operators to accept BBVA's commitments," she said, effectively legitimizing the absorption of Banco Sabadell.
Contrarily, González-Bueno voiced concerns earlier this year, emphasizing in a publication that the CNMC should not accept temporary commitments as solutions, arguing that the structural issues in the market necessitate all four main domestic players—CaixaBank, Santander, BBVA, and Sabadell—to remain competitive.
In her address, Fernández distanced herself from the government's recent public consultation aimed at imposing additional conditions on the merger, suggesting that the CNMC had already conducted its own public inquiry prior to granting approval.
She stated that the CNMC had solicited information from more than 58 entities, including traditional banks, neobanks, digital banks, consumer associations, and various enterprise groups, all of which contributed to the evaluation of the operation.
The financial sector expressed surprise at the government's need to initiate a public consultation, particularly after the CNMC had not presented any dissenting opinions on the merger.
Fernández reiterated the CNMC’s independence, stating, "I am proud of the independence exhibited by the technical services and council members in the defense of competition."
She emphasized that the CNMC has addressed potential risks for consumers, particularly vulnerable populations, thereby preemptively countering any future arguments from the government against the merger.
Additionally, Fernández noted that even Pere Soler, the councilor appointed by Junts, had not diverged from the CNMC's decision, despite his party's criticism of BBVA.
"I want to publicly acknowledge the effort of all council members to achieve consensus," she concluded.
Translation:
Translated by AI
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
