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Spain broke EU banking laws in BBVA-Sabadell case, EU Commission says

( July 17, 2025, 10:11 GMT | Official Statement) -- MLex Summary: The European Commission today opened an infringement procedure against the Spanish state for non-compliance with the EU’s banking supervision laws — the Single Supervisory Mechanism and the Capital Requirements Directive — as well as with the EU Treaty provisions on the free movement of capital and establishment. The Spanish government had imposed conditions on Sabadell’s takeover by Banco Bilbao Vizcaya Argentaria, even though the deal had already been cleared by the Spanish competition authority and the European Central Bank. The government has mandated that both banks maintain legal personality, separate assets, and management autonomy for a period of three years. Spain now has two months in which to reply to the commission's letter.See press release below. ...

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