I'll leave the technical discussions about BBVA's takeover of Sabadell to those in the know—the bankers and economists—which often masks what is, in part, nothing more than a power grab. However much it may attempt to disguise itself as a godsend, for Catalonia and for Banco Sabadell shareholders, the reality is that it is full of contradictions and carries an unavoidable political dimension. Or isn't the attempt to dilute a Catalan bank within one of Spain's leading banks?
Sabadell is deeply rooted in the country. It impacts small and medium-sized businesses, finances and develops private economic initiatives, and focuses on citizens' savings. And even more so in times of the return of industrial policy. The takeover, a strategic operation by BBVA, has an undeniable rebound: it smooths out the peculiarities of the Catalan economy and strengthens its control over it.
Why should a locally-made bank, which has been growing and expanding both domestically and internationally through Sabadell, be lost? It might make sense to bail it out. But that's not the case. There's no need. On the contrary, BBVA believes it can make a lot of profit. From its point of view, the operation is logical. But Spain already has a sufficiently restricted banking system—with only four major banks: CaixaBank, Sabadell, Santander, and BBVA—why eliminate one? Catalan institutions, leaders, and political parties must engage in this debate and make the Spanish government and the opposition commit.
The disappearance of Sabadell—and there's no ambiguity here—would be detrimental to Catalonia, no matter how much BBVA's leaders dress up as Three Wise Men. We must dismantle fallacies and gain the complicity of the Socialist government, which now has the problem in its hands and has solid reasons to stop it. President Isla is one of the main suspects.
Seen from Madrid, the reduction in banking diversity may encourage those who read everything from the perspective of the homogeneity of the State. And in a certain sense, the Sabadell operation is not unrelated to the recurring attempt to blur the Catalan national identity. The bank is defending itself. And it is its duty to provide guarantees and confidence to shareholders and customers. But politicians cannot ignore it, no matter how much the banking establishment respects them. They will say that what matters to BBVA is performance and results, and that this is the sole objective and justification for the operation. But that does not prevent the attack on Sabadell, albeit indirectly, from being an insult to Catalan civil society and to the uniqueness of a country that, without a state, continues to preserve and generate its own unique and powerful institutions. The Three Wise Men no longer work at a certain age.
