Peio Belausteguigoitia: “The union of BBVA and Banco Sabadell is in the public interest”
BBVA Spain’s CEO, Peio Belausteguigoitia, made the case on Tuesday that the proposed integration with Banco Sabadell is a transaction to drive growth, and makes strategic sense. It fits with the bank’s vision for the future, seeking to create value for all stakeholders: customers, employees, shareholders and society as a whole. Speaking at the 20th IESE Banking Forum in Madrid, he stated that “the proposed integration with Banco Sabadell is a commitment to unite and combine the strengths of both banks in order to create a better financial institution than each bank on its own.”
Photo: The Country Manager of BBVA in Spain, Peio Belausteguigoitia, and Juan Rivera, Senior Managing Director at FTI Consulting.

Peio Belausteguigoitia stressed that the proposed combination has undergone rigorous review and authorization procedures for nearly 13 months. In that time, BBVA has secured 27 approvals from regulators at home and abroad, including from the European Central Bank and Spain’s National Commission on Markets and Competition (CNMC).
He noted that the CNMC, specifically, conducted “an in-depth, exhaustive independent assessment, ending in a unanimous decision.” BBVA has presented a series of remedies that aim to protect competition, promote financial inclusion, support regional cohesion and safeguard vulnerable customers, as well as ensure credit remains available for SMEs and the self-employed, particularly in Catalonia.
Peio Belausteguigoitia explained that some of the key remedies include keeping branches open in at-risk areas. “We will not close any branch if there is no other within 300 meters, in postal codes with per capita income below €10,000, where fewer than three competitors operate, or in towns with fewer than 5,000 people,” he said.
“We have agreed to unprecedented remedies that not only ensure competition, but also financial inclusion, regional cohesion, and protection for the most vulnerable customers,” he said. He also recalled that BBVA will offer a free account, including a debit card and other benefits, to vulnerable customers of both banks. Furthermore, in areas with fewer than four competitors, BBVA will keep current terms for individuals, the self-employed and SMEs.
Regarding the remedies related to SMEs (companies with a turnover under €50 million, according to the CNMC) and the self-employed, BBVA will retain all of Banco Sabadell’s specialized branches for businesses and preserve working capital lines for at least three years, with a possible two-year extension if the CNMC agrees. Credit lines for the self-employed and for foreign trade will also remain in place. In regions where the merged bank will hold a large market share, such as Catalonia and the Balearic Islands, BBVA will maintain the total volume of credit to SMEs whose combined exposure with the two banks exceeds 50 percent (or 85 percent in all other regions), as reported to the Bank of Spain’s CIRBE database. “The vast majority of SMEs” will benefit from these remedies, he underlined.
Wider reach, yet closer to home
BBVA Spain’s CEO also emphasized that “the integration will give Banco Sabadell customers a stronger offering, drawn from the complementary strengths of both banks, a wider range of products and services, and BBVA’s global reach.” Customers will also gain access to a much larger network, with more than 2,700 branches across Spain - over twice Sabadell’s current total - and more than 7,000 ATMs, nearly three times the current amount.
“We hope that Banco Sabadell shareholders will soon be able to decide whether they want to join this great joint initiative,” he concluded.