Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed.The headquarters of the Spanish bank BBVA are seen in Madrid, Spain.BBVA said on Tuesday it had approached Sabadell about a possible merger, a deal which would create a Spanish bank with assets of nearly 1 trillion euros and a market value close to Santander's.
BBVA said it had appointed advisers and told the chair of Sabadell's board of directors of its interest in initiating negotiations over a potential merger. Sabadell has reported a run of rising profits, helped by higher interest rates in Spain, and its share price has increased five-fold since the 2020 merger talks failed.
Two sources familiar with the matter said UBS and JP Morgan were advising BBVA. JPMorgan, UBS and BBVA declined to comment. Sabadell and BBVA called off merger talks in November 2020 as they did not agree on the terms, including the price tag.
Source: News Formal (newsformal.com)
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