BBVA Takeover Of Sabadell

[Carl]

Approved by Spain's National Markets and Competition Commission (CNMC) yesterday, Spanish Government's Ministry of Economy awaiting CNMC's report on the details of the transaction.

On receipt of the report the Ministry of Economy has 15 days to decide whether to refer the transaction to the Council of Ministers. If referred, then the Government has one month to decide either to reject or maintain the CNMC's conditions, modifying them, or incorporating new ones if it considers that the transaction could affect the public interest.

It is worth noting that the Government were opposed to the takeover the moment BBVA announced their intention last May.

[Lincoln45]

Not good news.
Sabadell is the cheapest bank for me to withdraw cash, BBVA the most expensive. I was once a customer of BBVA, their charges for banking for non residents were horrendous. Given half the chance I'm that they would charge you for passing wind.

[Fixer Ed]

Let's hope it goes better than the Caixa merger with Banki which in terms of customer care went from exemplary to abysmal in the blink of an eye!

[Lincoln45]

It would appear that BBVA are already running Sabadell. Withdrawal fee has gone from €1.80 to €6.95!