On May 5, 2025, Prime Minister Pedro Sánchez announced plans to launch a public consultation aimed at gathering feedback from business associations and citizens regarding the proposed merger between BBVA and Banco Sabadell, which he described as "hostile." This move is expected to aid the government in potentially halting the merger, a goal made clear by Sánchez in light of widespread discontent from numerous business associations and trade unions, which argue that the merger may restrict competition.

The merger received significant backing from the National Commission for Markets and Competition (CNMC), which authorized the operation with certain conditions after assessing potential risks.

Despite the CNMC's findings, Sánchez indicated that he would address the Council of Ministers regarding the issue, leveraging the public consultation's outcome, which he anticipates will yield negative feedback towards the merger.

This initiative to pursue public sentiment against a merger is unprecedented in Spain.

Sánchez made this announcement during his opening remarks at the annual meeting of the Cercle d'Economia, without being prompted by questions, highlighting the merger's significant opposition in Catalonia and among the business and economics community present at the event.

Jaume Guardiola, president of the Cercle and former chief executive of Banco Sabadell, was in attendance, along with other notable figures, including Josep Oliu, president of Banco Sabadell, who characterized Sánchez's announcement as "positive."

In addition to the merger issue, Sánchez urged business associations CEOE and Foment to support a proposed reduced working hours legislation, describing it as a social demand that would enhance companies by benefiting employees.

He confirmed plans to advance the bill under the support of Second Vice President Yolanda Díaz, despite the lack of parliamentary guarantees for its validation, especially due to resistance from the Junts party.

The audience at the Cercle d'Economia reception was notably muted, giving brief applause at the end of Sánchez's address.

Among attendees were prominent Catalan business leaders, including Marc Puig and directors of government-held companies such as Marc Murtra of Telefónica, Antonio Llardén of Enagás, and Maurici Lucena of AENA.

Following Sánchez's address, Carlos Torres, president of BBVA, asserted the validity of the CNMC's decision in favor of the merger, claiming it would diminish the necessity for government intervention.

Torres expressed "maximum respect" for Sánchez's measures and the CNMC's decisions, avoiding confrontation.

He emphasized that the merger represents a growth project aimed at creating a stronger and more competitive bank, particularly critical as Europe seeks to enhance its competitiveness.

Torres also highlighted that the CNMC had conducted a comprehensive analysis resulting in significant commitments that would preserve competition while promoting social inclusion, territorial cohesion, and credit access for small and medium-sized enterprises (SMEs) and freelancers, especially in Catalonia.

According to CNMC regulations, Sánchez's ability to intervene is limited to public interest concerns unrelated to competition, a matter already resolved by the CNMC's prior agreement with BBVA.