The Catalan Competition Authority (ACCO) released a report expressing concerns over BBVA's proposed acquisition of Sabadell, echoing its earlier assessment from May. The ACCO indicated that the merger would significantly increase banking concentration in Catalonia, posing a high risk to competition within the sector.
Additionally, the report highlighted that this concentration could lead to higher borrowing costs for businesses and families, as well as a potential reduction in the number of bank branches. The ACCO's stance is particularly notable as the Catalan government has opted not to intervene directly with the National Commission on Markets and Competition (CNMC), relying instead on the authority's independent assessment.
In its preliminary evaluation, the ACCO warned that the merger could result in the closure of bank branches, with BBVA potentially controlling 34.8% of Catalonia's 2,134 bank offices post-acquisition. Currently, CaixaBank operates 831 offices, BBVA has 398, Sabadell has 343, and Santander has 256.