Link Securities | The National Markets and Competition Commission (CNMC) concluded in its April report on BBVA’s (BBVA) takeover bid that Banco Sabadell (SAB) “is not a fundamental and irreplaceable operator” in the world of SMEs, and that it is losing market share in this business, according to Expansión and the Efe news agency on Friday.
For more than eleven months, the CNMC analysed the impact that the acquisition of Sabadell by BBVA would have on competition if the takeover bid launched by the latter succeeds, and at the end of April it approved the operation with the commitments acquired by the acquiring entity.
According to the resolution report published on Friday, two of the main conclusions when measuring the impact that the operation would have on SME lending is that Sabadell is not essential and that there are several operators, including medium and small ones, which guarantee competition in the market, according to Efe.
On the other hand, Sabadell informed the National Securities Market Commission (CNMV) that it is going to proceed with the total early redemption of the outstanding nominal balance, i.e. €750,000,000, of the issue of Cédulas Hipotecarias 3/2019 of Sabadell with ISIN code ES0413860737 whose sole holder is Banco Sabadell. The issue will be fully redeemed on 11 June 2025 for the nominal value and the interest accrued since the last payment date and subject to the terms and conditions of the prospectus approved and registered in the corresponding official registry of the CNMV.
