Brussels has opened proceedings against Spain for the laws used by the BBVA in the Sabadell stock acquisition operation

The European Commission has opened a punitive file to the Spanish Government under the conditions imposed by the BBVA on the operation of acquiring shares in Sabadell, considering that the Spanish Government has gone too far and acted with arrogance.

The body chaired by Ursula von der Leyen considers that, following the approval of the National Competition Commission (CNMC), with certain commitments, the Spanish Government did not have to submit the decision to the Council of Ministers, although Spanish law provides for it. 

Brussels believes that the 2014 Spanish law on banking organization, supervision and solvency and the 2015 Royal Decree implementing it give the Ministry of the Economy, headed by Carlos Cuerpo , too much power and does not impose limits on decision-making. 

It should be recalled that the Council of Ministers approved the merger of BBVA and Sabadell in June, but under certain conditions: if in the three years the two entities maintain separate legal identity and heritage, and each manages the activity independently.

The Minister of the Economy, Carlos Cuerpo, has once again supported the position of the Spanish Government. In any case, they have two months to respond to the letter from the Executive of the European Union.