Torres (BBVA) sends a message to the government: “That the rules of capital markets in the current operations are respected” | Companies

The president of BBVA, Carlos Torres, has spoken at a key moment in his hostile OPA on Sabadell, when the time is approaching the National Commission of Markets and Competition (CNMC) since the government is pronounced in a third phase of the process. On the ongoing operations in Europe – not only the OPA on the Sabadell, but also the transactions proposed by Unicredit on Commerzbank or BPM or Mount Dei Paschi on Mediobanca -, Torres has requested that “the rules of capital markets are respected”, so that the shareholders are deciding. In November, the CNMC decided to expand the analysis of the BBVA OPA on the BBVA Sabadell to a second phase, by detecting problems in the conditions applied to SMEs, the restriction of the credit or the payment business. It is expected that your final decision will arrive, conditioned, at the end of this first quarter. This will pass the ball to the government, who has ruled completely against the operation, and may expand or reduce the so -called remedies (conditions) imposed on competition, in a third phase. Torres has reiterated the need to give scale to European banks, one of the main arguments that the BBVA has wielded during the last months to explain the OPA. He has stressed that, as a consequence of the digitalization of the sector, investment needs to “keep the bank open” are growing and thus will continue to increase due to the hatching of artificial intelligence and cybersecurity. It will also strictly stressed that there is no bank in the euro zone among the 20 largest entities in the world. To save this gap, he has claimed facilities, such as the conclusion of the Banking Union, so that a unique deposit guarantee fund is created. But also that it deepens the union of capital markets. “It is good news that will speak of bank consolidation in Europe again,” he said. In the act, organized by the Banking Employers AEB, the CEO of Banco Santander, Héctor Grisi, has also intervened. Ana Botín’s number two has weighted the crucial role that banking must play to enhance the development of Europe, at a key moment in geopolitical. He has warned how Europe is exporting its high savings capacity, which has estimated at 300 million a year. To do this, he has claimed a reduction and simplification of banking regulation, mainly in sustainability. “We cannot be the Climate Police,” he said, citing the Bank president. “The perception that the investment has is that we are not going to grow and that the returns are not sustainable,” he explained. Stability, the key to Corps The Minister of Economy, Commerce and Business, Carlos Body, also present in the event of the banking employer, has avoided referring directly to the operation. However, body has insisted on the importance of simply lifting banking regulation, although it has detailed that it has to be done without compromising the stability of the system. “A healthy and competitive banking sector is a fundamental key to channeling the savings of the private sector to the real economy,” said the minister. The comment comes after the government’s efforts were announced in pursuit of a European long -term investment label, which will include existing vehicles and others again. deregularization The governor has admitted that the excessive complexity “not only makes the operational of financial entities difficult, but also overload the supervisory function and could fragment the market.” (Tagstotranslate) Companies

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