BTN News: Many in Alicante are worried about a possible merger between BBVA and Banco Sabadell. More groups are speaking out against it. The Union of Business Entrepreneurs of the Province of Alicante (UEPAL) is the latest to express concern. UEPAL’s president, César Quintanilla, sent a letter to the National Commission of Markets and Competition (CNMC). He asked them to think about how the merger could hurt Alicante’s economy. Other business leaders in Spain, like those in the Valencian Community Business Confederation (CEV) and the Valencia Chamber of Commerce, have also spoken out.
UEPAL’s letter to CNMC President Cani Fernández shows how worried local businesses are. They strongly oppose the merger. They believe it will reduce competition in the financial market. Less competition means fewer choices for businesses. UEPAL says this will hurt the local economy.
Alicante is a very important area. It is the fourth most populated in Spain and the fifth in GDP. It leads in tourism, agricultural exports, and the residential sector. UEPAL thinks CNMC should consider these factors. They say the merger will harm Alicante’s economic potential.
Local business leaders say Banco Sabadell is doing well. It is trusted and seen as strong and profitable. It is well-rooted in many Spanish regions. Banco Sabadell also has a significant presence in Mexico, a British branch, and market shares in South America. UEPAL sees no good reason for BBVA to take over Banco Sabadell.
UEPAL Fears Negative Impact on Small and Medium-Sized Enterprises and Credit Access
UEPAL worries about how the merger will affect small and medium-sized businesses (SMEs) and individuals. They think it will make it harder to get loans. It could also raise financial costs and lower savings returns. One big worry is the closure of branches. This would lead to job losses and fewer services.
UEPAL also thinks losing Banco Sabadell’s headquarters will hurt regional cohesion. Banco Sabadell has brought many investments to Alicante. It has attracted businesses to the area. Losing this bank could make Alicante less appealing to new businesses and investors.
In summary, UEPAL’s message to the CNMC shows how worried Alicante’s business community is about the BBVA-Sabadell merger. They want the CNMC to think carefully about the merger’s effects. They want to keep the financial market competitive and able to support the local economy.
Conclusion
The debate over the BBVA-Sabadell merger is complex. Large mergers like this one need careful thought. Regions like Alicante depend on strong and competitive financial services. The merger’s outcome could have serious effects. The CNMC will review the merger. The views of local business leaders and groups like UEPAL will be important in deciding the region’s economic future.
