BBVA Bank acknowledged that it is exploring a possible merger with its competitor Sabadell. This follows some rumors that circulated about it.
The Spanish bank BBVA wants to explore the options of a possible merger with its smaller competitor, Sabadellhe said this Tuesday.
“In relation to the news that appeared in the press today, BBVA confirms that it has transferred the President of the Board of Directors of Banco de Sabadell SA., the interest of the BBVA Board of Directors in starting negotiations to explore a possible merger between both entities,” BBVA said in a statement to the Spanish stock market supervisor CNMV.
BBVA added that it has appointed advisors for the possible operation. While a spokesperson for the Sabadell He previously said there was “nothing on our part” about any move by BBVA.
Negotiations between BBVA and Sabadell
In November 2020, Sabadell and its largest competitor, BBVA, suspended merger talks by not agreeing on the terms of the operation, such as the price.
The differences between BBVA and Sabadell on the value of the British unit TSB, which was bought by Sabadell in 2015 for 1.7 billion pounds ($2.29 billion), were partly to blame for the breakdown of merger talks, a source directly told The Associated Press at the time. so much of the conversations.
Source: Ambito
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