Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “Banco Bilbao Vizcaya Argentaria S.A.” (BBVA) of the exclusive control of the company “Banco Sabadell S.A.” through a Public Tender Offer (PTO)

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: the company “Banco Bilbao Vizcaya Argentaria S.A.”;
• The target: Company “Banco Sabadell S.A.”;

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned

• Commercial banking market.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., June 19, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION

The Competition Council has received notification of an economic concentration operation consisting of the acquisition by the company “Banco Bilbao Vizcaya Argentaria S.A.” (BBVA) of the exclusive control of the company “Banco Sabadell S.A.” through a Public Tender Offer (PTO).

“BBVA” is a Spanish public limited company listed on the stock exchange. In addition to its main activity as a credit institution, the company is active in investment banking and capital markets. “BBVA” is not present in the territory of Morocco.

“Banco Sabadell” is a Spanish financial institution listed on the stock exchange and established as a public limited company. The company operates in 15 countries and holds credit institutions in Spain, the United Kingdom, Mexico, etc. “Banco Sabadell” is present in Morocco through a branch.

 

Done in Rabat on June 13, 2024.