Onue GençCEO of BBVAinsisted this Wednesday on the fact that the bank had the possibility of “going backwards” if the final decision of the National Markets and Competition Commission (CNMC) reduces the value of the merger operation with Sabadell for him blue bench.
“If value creation is compromised, we have the possibility to withdraw. We will not hesitate for a second to do it if the value creation is not there,” declared the banker a few hours after learning that the CNMC had decided to extend its analysis of the operation to phase 2 during a financial event organized by Deloitte and. ABC.
Genç said BBVA is “collaborating with the CNMC and other authorities” to “complete as quickly as possible” the establishment of the remedies or conditions “that are necessary to allay your concerns.”
“We believe that the operation will be approved in a few months and we will continue the process. But our offer is conditional on the approval of the CNMC,” warned the number two from BBVA.
However, he affirmed that the “conviction” of the bank’s leaders is “clear”: “We hope that the transaction will be approved in a few months, maintaining value creation”.
“We strongly believe in the value creation of this transaction for the shareholders of BBVA and Sabadell and for society in general,” said the banker.
And, according to him, the banking system needs “bigger players”who have “greater investment capacity”, which “comes from scale”.
“The bigger players are more efficient because they spend as much as smaller banks on technology, but they profit more because they have more customers,” he noted, later adding that “the rationale economic is undeniable” and that “anyone who knows the numbers can see that it makes sense.
