BBVA receives approval from Morocco for the acquisition of Banco Sabadell

Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from Morocco's central bank, Bank al Maghrib, for the indirect change of control of Banco Sabadell's branch in the country. This approval marks the final international clearance required to complete the transaction.

With all international authorizations secured, BBVA is now awaiting approval from Spanish authorities for the takeover bid. The National Commission on Markets and Competition (CNMC) is continuing its phase 2 analysis, during which commitments may be requested, but no divestment is necessary. Once this stage is completed, the operation will need to be validated by the Ministry of Economy, which may forward the dossier to the Council of Ministers. Finally, the National Securities Market Commission (CNMV) must approve the offer’s prospectus.

According to Onur Genç, CEO of BBVA, the acceptance period could begin at the end of June, pending the remaining approvals.

If the takeover bid is successful, BBVA plans to integrate Banco Sabadell through a merger by absorption, further strengthening its position in the Spanish banking market. This final step will also require approval from Spanish authorities.