Latest news with #CarlosCuerpo
Reuters
2 days ago
- Business
- Reuters
EU warns Spain's government not to hinder BBVA's bid for Sabadell
LONDON/MADRID, May 28 (Reuters) - The European Union has warned the Spanish government against trying to prevent banking consolidation it says is needed to create strong lenders, after Madrid announced a ministerial review of BBVA's ( opens new tab bid for rival Sabadell ( opens new tab. Spain's government has opposed BBVA's hostile move since it was made more than a year ago, citing potential risks to jobs. The economy minister Carlos Cuerpo announced the rare move on Tuesday of examining BBVA's offer, which has been approved by the European Central Bank and Spain's competition regulator. The government cannot stop BBVA from buying shares in Sabadell but it can block a full merger. Now it has until the end of June to decide whether to approve the bid and whether to set conditions relating to the implications for jobs and branches. Olof Gill, the European Commission's spokesperson for financial services, said that there was no basis to stop a deal if it met standards on risks and competition, particularly as consolidation was vital to build stronger European lenders and in turn make the EU's Savings and Investment Union a success. "It is important that banking sector consolidation can take place without undue or inappropriate obstacles being imposed," he said. Cuerpo said he was not concerned about the EU's warning. "We are fully respectful of the procedure, the deadlines, and the involvement of the various institutions that are part of this process," he told reporters. The past year has seen a jump in European banking M&A activity, as lenders flush with cash look to make deals that industry supervisors and executives hope can create banks better able to compete with rivals in the United States and Asia. However a number of deals have run into problems with politicians. UniCredit's ( opens new tab move on Commerzbank ( opens new tab is opposed by Berlin and Italy recently imposed conditions on UniCredit's offer for its peer Banco BPM. BBVA says it wants to buy Sabadell to build the second largest lender in Spain, and agreed with the competition watchdog it would limit branch closures and maintain capital lines to small and medium-sized clients. Sabadell says the deal will damage competitiveness, particularly in the area of lending to small and medium-sized enterprises, where the bank is strong.
Reuters
3 days ago
- Business
- Reuters
Spanish government to examine BBVA's bid for Sabadell
MADRID, May 27 (Reuters) - The Spanish government will examine BBVA's ( opens new tab proposed acquisition of Sabadell ( opens new tab, the Economy Ministry said on Tuesday, a potential setback for the Spanish lender as it tries to close in on buying its smaller rival. Madrid has so far opposed the deal, which BBVA first announced 12 months ago and which values Sabadell at more than 14 billion euros ($15.9 billion), because of the risk it could lead to job losses. Economy Minister Carlos Cuerpo has referred the deal to the cabinet, which now has a month to decide whether to approve the deal with or without conditions on the grounds of common interest. Spain's antitrust watchdog, opens new tab has already authorised the takeover, subject to several remedies. The government recently launched a non-binding public consultation to gather the views of citizens and businesses on the bid, an unprecedented move for such transactions. Under Spanish law, the government cannot stop a bid from being made, but it will still have the final word at a later stage on whether to authorise a full merger. ($1 = 0.8828 euros)
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Saudi-Spanish business forum kicks off in Riyadh
Saudi Gazette report RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh. Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors. Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history. He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment. Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years. He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said. Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors. He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services. Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides. It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.
Arab News
22-05-2025
- Business
- Arab News
Saudi Arabia, Spain sign MoU to boost SME sectors and deepen economic ties
RIYADH: Saudi Arabia and Spain are set to strengthen cooperation between small- and medium-sized enterprises thanks to a wide-ranging agreement across key sectors. The memorandum of understanding, signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo in Riyadh, outlines joint efforts in economic modeling and policy-making. It aims to back SMEs through partnerships and initiatives, as well as facilitating joint projects and bilateral participation in economic events, according to a statement by the Ministry of Economy and Planning. The agreement comes as the Kingdom's Vision 2030 plan aims to further elevate the SME sector's contribution to 35 percent of the gross domestic product by the end of the decade as part of its economic diversification initiative. The signing of the agreement coincided with the fourth session of the Saudi-Spanish Joint Commission, which convened in Riyadh. The meeting was co-chaired by Al-Ibrahim and Cuerpo, with senior officials from both countries in attendance. 'Officials from both sides joined the session to discuss ongoing and future initiatives aimed at enhancing economic, social, and cultural collaboration between the two countries,' the Ministry of Economy and Planning said on X. The session focused on strengthening economic, social, and cultural ties, reflecting the deep-rooted partnership and shared ambitions between the Kingdom and Spain. The MoU also includes the exchange of information and statistics related to industry, technology and innovation with the objective of achieving sustainable development goals within the framework of Saudi Vision 2030. In an interview with Al Arabiya, Cuerpo described the relationship between Saudi Arabia and Spain as a strong and deepening economic partnership, highlighting the Kingdom's central role as the European country's primary trade partner in the region and noting the steady growth in bilateral trade in recent years. 'I say over the past three years, it's grown by 13 percent. Investment has grown, also, heavily over the past few years. But there is still room for us to grow, for us to further collaborate and further diversify our relations, particularly in terms of investment, and particularly also in terms of the presence of Spanish companies here and also of Saudi companies in Spain,' Cuerpo said. He continued: 'Just look at the presence of Spanish companies in the Kingdom, it has grown by 60 percent over the course of the past three years, and in particular in key sectors for the Vision 2030 like energy, infrastructure or others — water, for example.' In October, Bandar Alkhorayef, minister of industry and mineral resources, discussed ways to develop economic relations with Cuerpo and increase Spain's investments in Saudi Arabia. Alkhorayef highlighted the goals of Saudi Vision 2030 to diversify the Kingdom's economy and, through various incentives, attract foreign investment in the industrial and mining sectors.
Yahoo
13-05-2025
- Business
- Yahoo
Spanish lender Unicaja denies report it has held merger talks with Sabadell
(Corrects syntax in paragraph 1) MADRID/BANGALORE (Reuters) -Spanish lender Unicaja denied on Monday that it held talks about a merger with Banco Sabadell after Bloomberg News reported the lenders held informal discussions for it. The report also said Sabadell's executives had sounded out some key shareholders of Unicaja earlier this month about a potential deal as it sought to fend off a hostile takeover by larger rival BBVA SA. A Unicaja's spokesperson, who denied merger talks between both banks, said it was not aware of any informal talks with the lender's shareholders. Unicaja's largest shareholder is the foundation of Unicaja with a 31.2% stake. The foundation of Unicaja was not immediately available for a comment. Earlier on Monday, another Spanish lender Abanca had also denied a report in the Expansion newspaper that said Sabadell was exploring a possible merger with it. Sabadell declined to comment. Sabadell and the Spanish government have opposed the hostile takeover by BBVA due to concerns it could reduce competition and lead to job losses. The government launched a non-binding public consultation on the matter last week and Economy Minister Carlos Cuerpo said that the process will conclude on May 16. Last month, Spain's competition watchdog approved the takeover bid subject to several remedies. ($1 = 0.9017 euros) Sign in to access your portfolio
