Market
Will BBVA receive Spain's CNMC approval for Banco Sabadell acquisition by March 31, 2025?
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BBVA•Mexico•Federal Economic Competition Commission•Cofece•Banco Sabadell•Sabadell•Mexican•UK•Prudential Regulation Authority•European Central Bank•Spain•CNMC•National Securities Market Commission•CNMV
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Official announcement from Spain's CNMC or BBVA press release
Story
BBVA Gains Cofece Approval to Indirectly Acquire Banco Sabadell, Awaits Spain's Nod
Dec 23, 2024, 02:10 PM
BBVA has received approval from Mexico's Federal Economic Competition Commission (Cofece) for its proposed takeover of Banco Sabadell. The authorization allows BBVA to indirectly acquire the stakes that Sabadell holds in various subsidiaries in Mexico. The approval was granted due to the low likelihood of the transaction affecting competition and economic free trade in the Mexican banking sector. BBVA, which had previously secured approvals from the UK's Prudential Regulation Authority and the European Central Bank, still awaits the green light from Spain's National Commission on Markets and Competition (CNMC) and the National Securities Market Commission (CNMV).
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