Official announcements from BBVA and regulatory bodies

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).