11:24 AM EST, 11/13/2024 (MT Newswires) -- (Updates with BBVA comments starting in the second paragraph.)

Banco Bilbao Vizcaya Argentaria ( BBVA ) is willing to abandon its bid for Banco Sabadell if stringent Spanish regulatory requirements undermine the deal's appeal, BBVA Chief Executive Officer Onur Genc said.

"We will not hesitate for a second to withdraw if the value-creation potential is not maintained," Genc said at an event, according to comments emailed by the bank to MT Newswires.

Spain's National Commission on Markets and Competition "extended the process to phase two," and "we expect the transaction to be approved in the next few months" while upholding the "value-creation potential of the transaction," Genc said.

"We will work constructively with the CNMC to finalize the list of remedies and get the transaction approved," Genc said.

Banco Sabadell didn't immediately respond to a request for comment from MT Newswires.

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