Peio Belausteguigoitia: “The vast majority of Catalan SMEs stand to benefit from the remedies”
BBVA’s Country Manager in Spain, Peio Belausteguigoitia, confirmed on Thursday that an ample majority of Catalan SMEs stand to benefit from the remedies agreed to by BBVA with Spain’s National Markets and Competition Authority (CNMC). He made these remarks during a meeting with the Business Association of L’Hospitalet and Baix Llobregat (AEBALL), where he doubled down on the importance of strengthening the European business ecosystem to compete on equal terms with other major economies.
During his presentation, he proclaimed that scale is a key factor moving forward: “Size enables us to provide better services and products to companies,” framing this claim within the context of the banking industry. He insisted that size “does not have to be at odds with maintaining deep territorial roots and being a close and approachable institution—in this case, with Catalonia and our customers.” As it happens, following the merger with Banco Sabadell, “these two aspects will go hand in hand.”
He explained that at BBVA, the goal is to stay “close to our customers” and offer them “unrivalled service,” as this is the “whole rationale behind the transaction”. In his words, “It is a rationale of growth, and of commitment to Catalonia, its SMEs and businesses, to provide them with the best services, products and financing. All of this with the closeness and deep roots that BBVA has always maintained in Catalonia.”
Peio Belausteguigoitia also remarked that Europe needs larger and stronger banks to face new global challenges. He noted that none of the top 20 banks in the world measured by market capitalization are from the eurozone, in stark contrast to the prominent presence of U.S., Chinese, Indian, and Canadian banks.
According to him, BBVA has embraced a “compelling” set of remedies. When it comes to SMEs and the self-employed, BBVA has undertaken to maintain—for three years (extendable for a further two years should the CNMC so decide)—the working capital lines for all Banco Sabadell SMEs, along with the credit facilities and import and export lines for all self-employed Banco Sabadell customers. This bold commitment extends to every single Banco Sabadell SME.
He also noted that the “vast majority of Catalan SMEs” will likewise be able to benefit from the remedy to maintain the total volume of credit to SMEs whose combined CIRBE (Central Credit Register) share for both BBVA and Banco Sabadell is at least 50%.