BBVA confirmed in a communication sent to the CNMV and the BMV that it sent Sabadell a formal letter with its interest in starting negotiations to explore a merger between both financial entities.

The Spanish bank BBVA, which has its main market in Mexico, confirmed that, once again, it is interested in merging with Sabadell, another of the main banks in Spain, also with a presence in the Aztec country.

“In relation to the news that appeared in the press, BBVA confirms that it has conveyed to the president of the board of directors of Banco de Sabadell the interest of the board of directors of BBVA in starting negotiations to explore a possible merger between both entities,” BBVA reported. in a communication sent to the National Securities Market Commission (CNMV), as well as to the Mexican Stock Exchange (BMV).

The institution explained that it has appointed advisors for this purpose.

For its part, Banco Sabadell confirmed that this Tuesday, April 30, it has received an indicative written proposal from BBVA for a merger.

“The board of directors of Banco Sabadell will adequately analyze all aspects of the proposal,” he highlighted in an information also sent to the CNMV.

This is not the first time that BBVA intends to merge with Sabadell. In 2020 this possibility was made public, although ultimately no agreement was reached on that occasion. Now, that possibility is taken up again.

BOTH, WITH PRESENCE IN MEXICO

Just on Monday BBVA announced its financial results for the first quarter of 2024, highlighting a profit of 2,200 million euros (US$ 2,357 million) globally.

Of that total, BBVA México contributed 56.5%, which maintains Mexico as its main market, even above Spain.

In the Aztec country, Banco Sabadell, which is one of the main banks in Spain, has operated under this figure since 2016, but it has had a presence here long before.

At the end of last February, Sabadell México was ranked 18th within the Mexican banking system with almost 129,000 million pesos (US$ 7,545 million) in assets.

Here, their business model is completely digital. If the merger of BBVA and Sabadell is completed, there would be a new banking giant in Spain.