Cani Fernández (CNMC), on BBVA's takeover bid for Sabadell: “I don't know of any political pressure, I don't know if there will be any” | EUROtoday

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The president of the National Commission of Markets and Competition (CNMC), Cani Fernndezacknowledged this Tuesday that the group is already immersed within the technique of analyzing the general public acquisition provide (OPA) that BBVA launched for Banco Sabadell in May and has assured that it has no proof of strain from the Government, which has publicly expressed towards the merger of the 2 entities going forward. “I don't know of political pressures, I don't know if there will be any,” he stated throughout his speech this Tuesday on the course organized by APIE and BBVA on the Menndez Pelayo International University in Santander.

Fernández defined that the evaluation is in its preliminary steps after BBVA despatched the authorization request on May 31, though he has additionally acknowledged that the Executive might find yourself imposing its personal circumstances on the operation even after the CNMC have made theirs recognized. “The Council of Ministers can impose new conditions as long as it is based on assumptions that are included in the law”, bearing in mind standards such because the safety of the surroundings, customers, and so on. “It is no wonder that the Council of Ministers imposed additional conditions,” he reiterated.

The CNMC shall be one of many keys within the takeover bid that BBVA launched for Banco Sabadell final May. The group has to investigate the operation from the standpoint of competitors out there, bearing in mind that the Government has already taken a place towards it, citing, exactly, problems with competitors and focus within the nation.

At this time, as Fernández defined, the method is “in the initial analysis phase” for which Competition is “requiring the necessary information from both entities.”

This is an instruction course of carried out by the administration of the CNMC and whose conclusions are then transferred to the council, of which Cani Fernández is a member, to provoke a dialogue on the affect of the operation analyzed and set up, if obligatory, the circumstances required for approval.

This first section has a authorized length of 1 month, though this counter is paralyzed every time a request for data is made to the events. If after this era there is no such thing as a readability in regards to the provide or an settlement shouldn’t be reached on whether or not the operation may be authorized with circumstances and commitments or not, the CNMC may elevate it to a second section of study, section two, the place the examine “is carried out with more depth and detail.

In this second phase, third parties may intervene, including the Council of Ministers, which, as Fernández explained, “may resolve by imposing further circumstances motivated by causes of basic curiosity.”

On May 31, BBVA sent the request for authorization to Competition, after doing the same with the National Securities Market Commission (CNMV), which will have to review the information brochure that will reach shareholders, and with the Central Bank. European Commission (ECB), which will analyze the transaction from the point of view of solvency.

The vice president of Eurobanco, Luis de Guindos, acknowledged on Monday in Santander that the supervisor is in favor of cross-border mergers and that he is not favorable to larger banks “simply because.”