Pimec joins more than 30,000 companies against BBVA's takeover bid for Banc Sabadell.

BarcelonaPimec is leading the opposition to BBVA's takeover bid for Banc Sabadell through a manifesto it claims to have the support of more than 30,000 companies. The document, which has been endorsed by various trades and associations, defends "competition in the banking market."

The employers' association, chaired by Antoni Cañete, also aims, with this initiative, to "call on Banc Sabadell shareholders to act with a business vision, taking into account the impact of their decisions to ensure the best future for the productive sector, society, and the country in general."

From the outset, Pimec has expressed its opposition to the operation and even presented an analysis warning that, if it goes ahead, it will reduce credit for SMEs. The statement comes after the Catalan financial institution held its first shareholders' meeting in Sabadell on Thursday, the city where it was founded, seven years after relocating its headquarters, which has since been returned to Alicante.

Pimec invites all companies to join its initiative, "with the aim of continuing to join forces to insist that this operation would imply the alteration of competition in the banking sector, which would have very negative repercussions on the financing conditions of companies, especially SMEs [...]".

The employers' organization, which appeared as an interested party before the CNMC and took the matter to court through an appeal to the National Court, once again demands that the interests of SMEs be guaranteed so as not to reduce their viability or competitiveness.