Carlos Torres Vila: "BBVA combines global scale with local roots and proximity"
Speaking in Barcelona on Monday, BBVA Chair Carlos Torres Vila pointed to the advantages that the potential integration of BBVA and Banco Sabadell would bring to customers, businesses, and society in Catalonia: “We want to double down on our commitment to Catalonia, to grow and contribute to the growth of this region and its business fabric,” he said during the Gran Encuentro Expansión Cataluña. He emphasized that BBVA combines the necessary scale to meet the investment demands of today’s macroeconomic context, while maintaining close ties with customers and strong local roots.
Carlos Torres Vila reiterated that “BBVA’s presence in Catalonia reflects the bank’s unique combination of global scale and local anchorage.” He expressed pride in BBVA’s strong local ties in all regions where it operates: “We are the bank that has provided the strongest support for Catalonia in recent years, which has led us to become the second-largest bank in the region, with only CaixaBank ahead of us,” he added.
“Catalonia has always been and will continue to be a key region for BBVA,” he remarked. The bank currently serves over two million customers in Catalonia, including nearly 90,000 SMEs, companies, and institutions. BBVA also employs 4,000 people in the region, 80% of whom come from Unnim and CX, across both central services and the commercial network.
He noted that the bank supports Catalonia’s business fabric and broader society through its core activity, channeling savings into investment: “We want to continue growing in Catalonia, and in this context, our offer for Banco Sabadell is a perfect fit.” BBVA’s commitment goes beyond finance, extending to entrepreneurship, innovation, research, and Catalan culture through various initiatives. “We want to double down on our commitment to Catalonia, to grow and to help this region and its business community grow.”
“BBVA is the best partner for shared growth,” he stated. A clear example of this commitment is the fact that BBVA’s business lending in Spain increased by 16% between 2020 and 2024, compared to a 5% decrease in the overall financial system. The bank has grown its market share in the corporate segment by 186 basis points in the past three years, according to data from the Bank of Spain. In 2024, BBVA led the market in acquiring new business clients, with a 26.5% market share.
Carlos Torres Vila believes that BBVA and Banco Sabadell would join forces in a major project that would be particularly beneficial for Catalonia and its economy. The combination would enable greater financing capacity for Catalan projects within the new European framework: “This merger would create a better bank for everyone. Thanks to our increased scale and profitability, we will boost our lending capacity by around €5 billion annually, benefiting families and businesses across society,” he explained.
Regarding the approval process, he said that “we are now in the final stretch” after obtaining several authorizations. He assured that BBVA is “well aware of the concerns raised by various authorities, including the government, and we have responded by committing to an unprecedented set of measures. We have done so precisely because we are sensitive to these concerns and want to ensure that this deal benefits everyone and addresses all issues raised.”
He pointed to the “very strong commitments” presented to the National Commission on Markets and Competition (CNMC). These include maintaining branches in low-income or low-competition municipalities for the next three years, thus preserving the bank’s local presence and branch network outreach. The combined entity would operate nearly 2,700 branches across Spain. BBVA has also committed to maintaining credit pricing levels over extended periods, offering long-term stability especially for SMEs. In addition, the bank has pledged to maintain lending volumes, with a special focus on working capital financing for Banco Sabadell’s SME clients over the next 18 months, and to ensure continued credit availability for clients with only one financial provider.
“We are in the final phase of discussions with the CNMC to finalize the commitments,” Carlos Torres Vila confirmed. Once the operation is authorized, “it will be up to Banco Sabadell’s shareholders to decide whether or not to exchange their shares.”
He expressed confidence in the success of the transaction, stating, “The offer is highly attractive.” It includes a 30% premium over the April 29¹ closing price and a 50%² premium over the three-month average price. “The offer has increased in value — it is significantly more valuable today than it was a year ago. And since it’s a share exchange, it allows shareholders to participate in a shared future project,” he added.
Catalonia regains its role as a growth engine
Carlos Torres Vila also shared BBVA Research’s positive outlook for Catalonia’s economy, which “has regained momentum and is becoming one of the key drivers of Spain’s economic growth,” with GDP expected to grow by 3.2% in 2025 and 1.6% in 2026.
“Catalonia is a land of entrepreneurship, with a rich industrial, cultural, and scientific heritage. It is increasingly attracting talent and driving innovation,” he noted. He praised the Catalan government’s plans to boost investment returns and productivity in line with Europe’s goals.
Looking ahead, he expressed optimism for Catalonia’s economic future: “Catalonia is uniquely positioned to lead Spain’s economic momentum and strengthen Europe,” he concluded.