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Spain's antitrust agency, CNMC, has initiated an in-depth Phase 2 review of BBVA SA's bid to acquire Banco Sabadell SA, delaying the decision by several months. This phase allows for third-party opinions and enables Sabadell to present its arguments, which were not permitted earlier.
BBVA SA reported a third-quarter net income of €2.63 billion, surpassing analyst forecasts of €2.39 billion, driven by strong fee and commission income of €1.91 billion. However, net interest income declined by 9% year-on-year, indicating a slowdown in earnings growth from lending.
Banco Sabadell SA reported a net income of €503 million ($546 million) for the third quarter, surpassing analyst expectations of €454 million. This strong performance comes as the bank works to fend off a potential takeover by rival BBVA SA.
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