Bank proposes merger to create ‘one of Europe’s largest financial entities’

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The BBVA bank has proposed a merger with Banco Sabadell, offering almost €11.5 billion in the form of an exchange of shares to take 100% of the bank, which was 17% more than its value when the markets closed on Tuesday, after the bid was confirmed.

“The new entity would create one of Europe’s largest and most robust financial entities, boasting over one trillion euros in assets and serving more than 100 million clients worldwide, with the ambition of becoming the largest bank by market capitalisation of the Eurozone,” according to a statement from the Basque country-based giant.

Full report in Friday’s Costa Blanca News

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