Spain's antitrust agency, CNMC, has initiated a thorough investigation into BBVA SA's proposed acquisition of Banco Sabadell SA, which will result in a longer review process.
The regulator has moved the case to a Phase 2 review, allowing for input from third parties and giving Banco Sabadell the opportunity to present its arguments, which was not possible in the initial phase.
This decision, reported by Bloomberg News, indicates that the regulatory scrutiny will increase as the agency evaluates the potential impact of the merger on competition in the banking sector.
The extended review period suggests that stakeholders will closely monitor the progress of the process.