The Spanish Securities and Exchange Commission pulls BBVA and Sabadell out of the stock market, pending the government's decision on the PIE

The National Securities andExchange Commission (CNMV) has decided to remove BBVA and Sabadell from the stock exchange, pending a decision by the Council of Ministers on the purchase.

CNMV PresidentCarlos San Basilio announced yesterday that he would suspend the listing shortly before the government announced its decision on the PIE until the entire market had all the information.

The Council of Ministers will clarify today whether to proceed with its EEP which imposes additional conditions on the BBVA. Alderdi Council press conference was scheduled to begin around 13:00 this Tuesday.

Since it became known in May 2024 that the BBVA was planning to launch an PIE in Sabadell, the Government has publicly expressed its disagreement with this decision because of its impact on employment, financial inclusion and territorial cohesion.

The legislation empowers the Government to impose conditions on such harmonization, in addition to those established by the National Commission on Markets and Competition (CNMC).