This is how the numbers of a BBVA-Sabadell merger in Tarragona would look

This is how the numbers of a BBVA-Sabadell merger in Tarragona would look
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Add before subtracting. If a merger between BBVA and Banc Sabadell were to take place today, the addition of both financial entities would mean creating an entity that in the Tarragona region would have 576 employees and 71 offices. Of these, BBVA would contribute 392 workers and 47 offices, while Sabadell would contribute exactly half: 184 employees and 24 offices in the southern regions of Catalonia, according to sector sources. But after the additions, would come the subtractions. The question for tomorrow, if the operation is completed, is how much these figures will be reduced.

In a brief note dated in Alacant on April 30, 2024, the general secretary of Banc Sabadell, Gonzalo Barrettino Coloma, informed the National Securities Market Commission (CNMV) that at 1:43 p.m. that same day he had received a written proposal from BBVA for a merger between both entities.

The proposal, later confirmed by BBVA in another communication to the CNMV – where it added that it had already appointed advisors for this merger – is the second attempt to merge (after a first frustrated attempt in 2020) to create a financial entity that, In the case of Catalonia, it would have considerable dimensions.

Banc Sabadell (which in 2017 changed its headquarters to Alacant) is a historic Catalan entity with an important network in this community, although nothing compared to the weight of BBVA, which in its acquisitions counter includes, among others, Catalunya Caixa , the result of the merger of Caixa Catalunya, Caixa Manresa and Caixa Tarragona.

The legacy of Caixa Tarragona in the network of BBVA offices in the Tarragona region is what, in part, explains why this entity’s figures in the regions of Tarragona are higher, for example, than those it manages in comparable provinces such as that of , where it has 230 employees and 33 offices, according to sources familiar with this entity.

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Who is left?

The subtractions. Some BBVA workers already have up to five ERE under their belt, after the chain of mergers and acquisitions unleashed after the 2008 financial crisis. If a new merger occurs now, the question is not whether there will be too many people, but how many and where.

Sector sources assure that the greatest tension will not be in the office network (such as the one in the Tarragona district), but in the central services of both entities in Catalonia, where Banc Sabadell has an important infrastructure in Sant Cugat del Vallès, while BBVA’s central services are distributed between Terrassa and .

The duplication of profiles in these central services is what usually increases the remainder, with some professionals who usually have a difficult relocation in the network of commercial offices. The same does not happen among the workers of this commercial network, who in the financial sector until now have largely taken advantage of relocation plans or early retirement, and where there is usually more room for negotiation and the search for solutions.

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