Foment and UGT warn that with BBVA OPA on Sabadell, 75,000 million credit score can be misplaced to SMEs | Economy | EUROtoday

The BBVA OPA on Sabadell remains to be very excessive within the listing of considerations of some enterprise and union organizations. Those answerable for stating on Tuesday their concern for the doable penalties of this financial institution focus operation have been the president of the Catalan employer Foment del Treball and vp of CEOE, Josep Sánchez Llibre, and the secretary common of UGT, Pepe Álvarez. Both have been resounding of their warnings: if the hostile OPA thrives, 75,000 million financing can be misplaced for SMEs and freelancers, and quite a few jobs will disappear.

“In the bank mergers two and two never add four, of that sum can be two, two and a half or three at most, but never four,” mentioned Sánchez Llibre, who has gone past. “If Sabadell disappears, businessmen would have to reinvent the creation of a new bank as did the Catalan textile entrepreneurs 150 years ago,” he mentioned.

Those 75,000 million, in response to the Catalan employer chief, are half of all of the credit score at present granted by Sabadell to small and medium -sized firms and autonomous staff. Sánchez Llibre has assured that to calculate this quantity it has been based mostly on his “own experience.” And he identified that if this happens, “the same thing that happened after the crisis of Lehman Brothers in 2008 will happen.” Between 2010 and 2020 quite a few firms needed to shut resulting from lack of financing, “he defended.

At this point, both Sánchez Llibre and Álvarez have remembered claims before the National Court presented by the two organizations they direct, asking for precautionary measures to stop the operation at least until the National Commission of Markets and Competition (CNMC) is pronounced (CNMC). Both demands have been admitted to processing and are pending resolution. Álvarez, who has reiterated “clearly” the opposition of the OPA union, said that this Tuesday he spoke “on behalf of the employees of the 2 monetary entities”, who “have already got a really excessive workload, as a result of Spain is the EU nation with much less financial institution branches per inhabitant.”

“We play the power that the Spanish productive cloth has financing in good situation, we’re taking part in jobs and the bodily well being of staff within the sector,” said the UGT leader. Álvarez has also spoken on behalf of the Association of Autonomous of the Upta Union and has denounced that, if the OPA, “the credit score to the collective would undergo considerably.”

Common complaint

Sánchez Llibre and Álvarez have made these statements in a day on the Financial market analysis. Impact on the Spanish SMEoganized by the employer of small and medium -sized companies Cepyme, together with the Catalan and Galician employers. The presidents of both territorial business organizations have left the internal differences on Tuesday to support the claim to access the financing of SMEs. Both employers have publicly supported Angela de Miguel, rival of the president of Cepyme, Gerardo Cuerva, to preside over this employer.

For its part, Cuerva recalled that SMEs are still about 15,000 million below the access to credit they had before the pandemic. And although he has been in favor of small businesses exploreing forms of alternative financing, he has recognized that most SMEs and freelancers use commercial banking to finance. Moreover, it has exalted the role of these entities not only as financial instruments but as “service suppliers” of SMEs, such as charges or advice, which “in the long run makes industrial banks into companions.”

After Cuerva, other employer leaders who have participated in the day criticized the BBVA OPA on Sabadell for the bank concentration that it implies, as the president of the employer of Galicia, Juan Manuel Vieites; or the first vice president of the Chamber Council of the Valencian Community and president of the Chamber of Commerce of Alicante, Carlos Bath.

After the statements of the employers this morning, Fuentes BBVA affirm: “The Union with Sabadell is a clear commitment to the business world. Sabadell’s clients, far from losing, will have the best ally to grow in BBVA. We are the bank that leads the capture of SMEs with a 26.5% collection quota in the last year. In recent four years, we have grown up by 16% our financing to the business to the business Spain, when the sector has fallen into financing to this client segment by 5%.

“This deep concern of enterprise associations, cameras of commerce or unions all through the nation reveals a significant issue that we have now alerted from Banco Sabadell: this OPA has prompted a unanimous social response towards, and if it happens it is going to have a really destructive affect for Spanish SMEs and, subsequently, for the entire economic system,” they level out, as a substitute, from Sabadell.