Sabadell CEO expects BBVA to get off lightly in Spanish anti-trust review
Cesar Gonzalez-Bueno said that the regulator, which is expected to give its view in the next month, won't be "very harsh" on BBVA and will likely impose behavioural remedies rather than structural demands such as asset sales.
here.
However, the CEO told the Morgan Stanley European Financials Conference in London that the offer from its bigger rival was in a "very shaky" situation because of political opposition to a deal in Spain, and because the economics did not stack up.
"I think the deal is at a very complex stage and it doesn't have a very bright future," he said, repeating his view that the deal would consume more capital than BBVA first envisaged and that the predicted synergies from a merger were unachievable.
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