BBVA and Banco Sabadell have lost market share among retail clients in Spain after 17 months of the takeover bid launched by BBVA in May 2024. BBVA records the sector's largest drop, to 16.5%, while competitors like Santander and ING gain ground. The National Securities Market Commission (CNMV) will reveal the bid's outcome this Friday.
BBVA's hostile takeover bid for Banco Sabadell, launched in May 2024, has lasted 17 months and negatively impacted the client base of both banks, particularly among highly linked customers such as those domiciling salaries or paying bills. According to Grupo Inmark data, BBVA's market share as the primary bank has fallen from 17.5% in 2024 to 16.5% in 2025, the largest loss in the Spanish banking sector. Sabadell sees a slight decline, from 5.9% to 5.8%.
The Bank of Spain governor, José Luis Escrivá, criticized the process at the XVI Financial Meeting by Expansión and KPMG: "Ha sido un proceso demasiado largo y de tantas idas y venidas que las entidades hubieran hecho un mejor uso de sus energías en otras direcciones". Government intervention has extended the operation by imposing conditions, such as maintaining Sabadell's independence and brand for at least three years.
Competitors have capitalized with aggressive campaigns. Abanca, for instance, ran: "Como hay bancos que están que si se fusionan o no se fusionan, hemos pensado darte 500 euros y ya te fusionas tú con nosotros". Santander has risen to 15.8% (+0.5 points), ING to 6.7% (+0.3), Abanca above 3%, Bankinter to 2.2%, and Imagin from 0.9% to 1.5%. CaixaBank holds steady at 27.4% as the primary bank.
This Friday, the CNMV will announce the results. BBVA expects synergies of 175 million euros in 2027 and 835 million in 2029, plus 65 million in financial costs. Sabadell deems this roadmap unrealistic, delaying it until 2032. Possible outcomes include acceptance over 50%, between 30% and 50% (potential second bid), or failure below 30%.