Salvador Illa (PSC): “I hope that BBVA's takeover bid will not succeed. “I am against it and it would not be good for the users.”
He PSC candidate for the Generalitat, Salvador Illa, has criticized the hostile takeover that BBVA initiated for Banc Sabadell. “I didn't expect it and I'm against it. The name itself, hostile, already indicates that we are not on the right track,” he said in an interview on TV3 on Thursday.
The socialist leader has assured this it would not be beneficial for the financial system an “excessive concentration of powers” as would be implied by the growth of BBVA; and added that “it wouldn't be good for users.” “I want personal attention from financial entities and this merger does not help; and I also worry about problems in the workplace,” Illa insisted.
During the interview, the candidate for the Generalitat assured that even before this move, the government was “analyzing” whether there was “sufficient competition in the system” as a result of the small increase “in the interest rate on deposits.” He further said: the takeover bid is also inappropriate because the size of BBVA would reach levels that were too big and it used the English expression “Too big to fail” [Demasiado grande para quebrar], to illustrate the serious consequences that any financial problem would have for the entity. “If something happens, we will all have to flee,” he compared, before ensuring that he “respects” the OPA's decision-making areas and that the government and economic organizations will have to “monitor” whether the legal framework is respected. .