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  • Spain's second-largest bank BBVA said Monday it was in talks with smaller rival Banco Sabadell over a possible tie-up that could create the country's largest lender. "No decision has been taken in relation to this potential merger and there is no certainty that it will arrive, or if that is the case, as to the terms and conditions of a potential transaction," the bank said in a statement. "The entities have initiated a reciprocal due diligence review process as is customary in this type of transactions and have appointed external advisors," it added. The announcement came just hours after BBVA announced it was selling its US unit to PNC Financial Services for $11.6 billion (9.8 billion euros). Banks across Europe are struggling to cope with record low interest rates and the economic downturn sparked by the coronavirus pandemic, which has raised pressure on them to boost liquidity by selling assets or through tie-ups. In September, Spain's Caixabank and rival Bankia approved their merger into the country's biggest domestic lender in a move that could transform the landscape of Spanish banking. BBVA posted a net loss of 15 million euros ($12.7 million) for the first nine months of 2020 while Banco Sabadell, Spain's fifth-largest bank, saw net profit fall during the period by 74 percent to 203 million euros as it increased provisions for bad loans. Founded in 1857, BBVA employs more than 100,000 people in about 30 countries. It has a strong presence outside of Spain in former Spanish colonies in Latin America as well as in Turkey. bur-mig/ds/wai
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  • Spain's BBVA says in merger talks with Sabadell
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