10:53 AM EST, 12/23/2024 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) said Monday its proposed takeover of Banco Sabadell subsidiaries in Mexico has been approved by the Mexican Federal Economic Competition Commission.

The regulator said the deal "would have a low probability of impacting the competition process and free economic activity," according to BBVA.

The company said the next steps include getting approval from the Spanish competition authority, the Spanish securities regulator and Banco Sabadell shareholders representing more than 50% of its share capital.

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