Pedro Sánchez's consultation

In a further demonstration of his shrewdness and boldness, Pedro Sánchez has surprised everyone with the initiative to open a public consultation period to decide on BBVA's takeover bid for Banc Sabadell. Everything indicates that this is intended to legitimize a decision against the takeover proposed by Carlos Torres's team. However, the consultation could have been avoided, as the reasons for the government to block the takeover are already more than sufficient.

When analyzing the issue, we should consider three preliminary considerations. On the one hand, we must understand that we are referring to the provision of an essential service for citizens and, even more so, for businesses, which are heavily dependent on bank credit. On the other, we must remember the need for public intervention to address market dysfunctions and excesses, as recent history clearly demonstrates. And, finally, we must heed the opinions of experts who point out that both banks, separately, are perfectly viable in this global economy.

Politics must prioritize territorial rebalancing in Spain

Thus, beyond legality, the Government also has the moral authority to decide, given that it is responsible for safeguarding the long-term public interest, especially in light of the report from the National Commission on Markets and Competition, which has been limited to temporary technicalities for a three-year period, as if the resulting banking landscape from 2028 onwards were of no importance.

At the same time, in the current situation, characterized by a historic avalanche of profits and dividends from banks, it is unacceptable to consider eliminating thousands of jobs. A redundancy plan at two institutions experiencing their best period is a genuine absurdity, which only serves to weaken public confidence in this capitalism.

Finally, politics must always be placed above technicalities, also prioritizing the territorial rebalancing of Spain. With this vocation, one cannot casually abandon one of the very few peripheral centers of power to further favor the unprecedented concentration in Madrid. And as much as the maintenance of decision-making capacity in Catalonia is now promised, recent history is unequivocal and, moreover, is driven by BBVA, which, at different times, integrated Banca Catalana and Catalunya Caixa. In both cases, it was asserted that significant units of the resulting bank would remain in Barcelona. But the reality was quite different: a territorial delegation like any other, and all power in Madrid.

We will be closely monitoring Pedro Sánchez's initiative, even though politics should assume its central role without the need for public consultations. Incidentally, it is interesting to note how, until the presentation of the takeover bid, many of the financiers who favored the government's actions had been persistent critics of any hint of public intervention.