Parliament rejects BBVA's takeover bid for Banc Sabadell and demands that it be prevented

BarcelonaSince BBVA's takeover bid for Banc Sabadell was announced, political parties have been making their statements, some openly and others more quietly. But this Thursday, the debate fully entered the Parliament, forcing all groups to take a position. The chamber voted in favor of a motion urging the Government to activate all necessary political, institutional, and legal actions before the Spanish executive to express "forcefully and unequivocally" the Generalitat's rejection of the takeover. Only the PP and CUP (Party of the People's Party) disassociated themselves with one abstention, in addition to Vox, which opposed it. The Parliament's position comes after The article jointly signed in the ARA by former Catalan and Valencian presidents and former economic advisors against the banking operation, and this Thursday, a large majority in Parliament called for the Catalan entity to be prevented from being acquired by the Biscayan bank.

The text, presented by ERC although the group has transacted some parts with Junts, demands "preventing the takeover bid from materializing" and demands that the Moncloa take a "clear and public" position in defense of the general interest and the economic and social stability of Catalonia. The motion also asks the Catalan Competition Authority (ACCO) for a report on the concentration of the banking sector. The terms of the text are harshly against BBVA's assault on Sabadell because "it would consolidate a less centralized, less competitive, and more dependent financial sector on the centralized economic power of the Ibex 35 and would pose a danger to the financing of small and medium-sized businesses in Catalonia."

Catalan groups have united to demand decisive action from the Spanish government, relying, for example, on the institutional position of the Catalan Economic, Social and Labor Council and the preliminary assessment of the Catalan Competition Authority. All of this is aimed at getting the Spanish government to derail the operation. Due to the reasons for the merger and to reinvigorate the Catalan financial system, the plenary also approved the point of the motion that advocated granting the Catalan Institute of Finance (ICF) a bank license, projected as a public bank for the country, with the added support of the CUP (Coup d'Universidad de la República).

Consensus in the chamber

The parliamentary debate showed a broad consensus against the takeover bid. From the Republican party, MP Albert Salvadó argued that it is necessary to "stop the merger between BBVA and Banc Sabadell," a move that worsens "bank concentration," with more "layoffs" and "loss of roots." Junts MP and party vice president Toni Castellà agreed, asking the President of the Generalitat (Catalan Government), Salvador Illa, to speak out without "subterfuge," because "it could have serious consequences for the economic fabric," and demanding that "the Catalan government and its partners in Madrid halt the takeover bid." The Socialists responded by supporting the motion and offering a clear argument: "We have a high level of bank concentration in Spain," said MP Guillem Mateo, who noted that we must be "aware" of the problem: "There are five large banks with a 67% market share."

Similarly, Comuns MP David Cid warned that the operation "would favor bank concentration" and "make it difficult for SMEs to access credit," in addition to the "loss of capacity for decision-making centers in Catalonia." In her own political space, Spain's Second Vice President and Minister of Labor, Yolanda Díaz, insisted this Thursday on the rejection of the operation by "all of Catalan society, including the Church." The far-right Catalan Alliance also supported the motion in the plenary session, although it believes it is a "whitewash," in the words of Rosa Maria Soberana.

The clash has occurred with the PP and Vox: the Spanish far-right has described the motion—which also includes the conversion of the ICF—as "unnecessary, irresponsible, and manifestly illegal," in the words of Javier Ramírez, but has not made any reference to the reference. In contrast, the PP has abstained, adding that it opposes the takeover bid "if it worsens the conditions of SMEs, the self-employed, and families" but does not believe a letter should be sent to the Spanish president because "first we need to know what his proposal is." The CUP has voted the same as the PP, but with a very different argument: MP Pilar Castillejo has said that the takeover bid is "bad news" because "it could lead to layoffs and more banking abuses," but does not see it as a matter of Catalan sovereignty because "financial capital lacks a homeland."