TOTM
How Spain Is Politely Killing a Bank Merger
Truth on the Market
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Rather than moving to formally block Banco Bilbao Vizcaya Argentaria’s (BBVA) proposed acquisition of Banco Sabadell, the Spanish government is signaling that it is prepared to attach such a broad set of conditions—justified in vague terms as serving the “public interest”—that the deal would likely collapse under its own weight. It’s a kind of regulatory asphyxiation: a polite yes that functions as a strategic no.