BBVA vows to stand by Sabadell’s small business customers

SANTANDER, Spain, June 17 (Reuters) – Spain’s BBVA sought on Monday to ease concerns about its 12.28 billion euro ($13.15 billion) bid for smaller rival Sabadell by saying it would continue Sabadell’s lending arrangements with its small and medium-sized business clients for at least a year.

The bid, which is opposed by the Spanish government, was rejected by Sabadell’s board, prompting BBVA to launch a hostile offer directly to Sabadell’s shareholders in its latest attempt at a deal, after a failed effort in 2020.