BBVA continues to invest in SMEs, Sabadell's main business.
The entity increased new financing to small and medium-sized businesses and self-employed workers in Catalonia by 24.7% through June and by 17% across Spain.
BarcelonaBBVA continues its offensive to gain strength in the SME segment, one of the areas in which Sabadell, which it aims to control, is most specialized. The entity chaired by Carlos Torres has granted more than €11.311 billion in new financing to SMEs, self-employed workers, and companies in Catalonia, representing a 24.7% increase compared to the same period last year.
This development "reflects the bank's commitment to strengthening its support for the business community, combining financial solutions with a value proposition tailored to the needs of each client," according to the bank. At the Spanish level, growth in the first half of the year was 17%, after surpassing €49 billion in new financing.
BBVA's strategy is to strengthen its presence in this business, which would give it even more strength if it goes ahead with the takeover bid for Sabadell. The National Commission of Markets and Competition (CNMC), which endorsed the possible integration because it considered that Sabadell was not "irreplaceable" in the SME business, also stated that the Vallesan entity It was the one that lost the most market share in Catalonia and Spain between 2021 and 2023. in that segment. Sabadell disagrees with that analysis.
BBVA announced last week which continues with the takeover bid for SabadellAnd this despite the massive support the Valles-based bank's shareholders gave the week before the sale of the British subsidiary TSB and its subsequent distribution of an extra €2.5 billion dividend. The Basque-based bank has also been challenged before the Supreme Court The limitations imposed by the Spanish government on the transaction, specifically preventing a merger for the first three years, which could be as long as five. The takeover bid now essentially rests in the hands of shareholders, once BBVA sends the prospectus including the new calculations for the measures established by Pedro Sánchez's administration.
"At BBVA, we work to be the driving force behind SMEs and the self-employed in Catalonia, supporting them with resources, tools, and a close relationship that allows them to face challenges with confidence. This year, we've strengthened our commitment, significantly increased financing, and earned the trust of thousands of new SMEs and self-employed workers who see their growth in us," Serrano, director of SMEs at BBVA in Spain.
The growth recorded is aligned with BBVA's business-focused strategy, "one of the pillars of the current strategic plan." The strengthening in this area is due not only to the increase in lending, "but also to the acquisition of new customers." The bank attributes this, among other things, to its commitment to simplifying processes. The bank is also strengthening its non-financial offering.