The European Commission has stated that it does not see any reason for the Spanish Government to block the public acquisition offer from BBVA for Banco Sabadell. Sources indicate that Brussels expects the Government to conform to the approval previously given by the European Central Bank and the National Commission on Markets and Competition. Any government decision must also comply with European regulations.

The spokesperson for financial services at the European Commission noted that if the acquisition receives official green lights from both the Central Bank and the regulatory body, then there is no justification for halting the operation due to discretionary government decisions. The Commission will monitor the actions of the Spanish Government to ensure compliance with EU legislation.

While the Commission remains cautious and has not officially commented on the acquisition, it acknowledges that consolidation in the banking sector might enhance profitability and efficiency. It highlights the need for robust banks within the European financial system to serve as crucial intermediaries for citizens and businesses. The Commission stresses that any banking sector consolidation should occur without undue obstacles.

The Spanish Government has elevated the matter for discussion within the Council of Ministers, introducing considerations like regulatory objectives and social policy goals. The final decision regarding the acquisition will be determined by late June, with a subsequent acceptance period for shareholders.