1125 GMT - As M&A returns to the European banking sector, it is important that shareholders are the ones who decide on the consolidation processes as this aligns with a well-functioning capital market, BBVA's CEO Carlos Torres Vila says at an industry event in Madrid. Spain's BBVA is waiting for the competition regulator's decision on its hostile takeover bid for peer Sabadell before putting the offer to shareholders. The nature of the all-share bid means that the premium initially offered has now become a discount. Europe needs larger and more competitive banks to support the continent's economic growth and innovation, the CEO says, adding that banking consolidation should be a strategic priority for the EU. "Before tackling cross-border mergers, it is essential to consolidate strong domestic banks." (elena.vardon@wsj.com)
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BBVA's Chair Carlos Torres Vila was speaking at an industry event in Madrid. "Shareholders Should Decide on European Bank M&A, BBVA CEO Says -- Market Talk," at 1127 GMT, misstated Vila's position at the bank.
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March 14, 2025 07:36 ET (11:36 GMT)
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