BBVA Confirms Intention to Start Talks With Sabadell on Potential Merger

By Elena Vardon

Banco Bilbao Vizcaya Argentaria confirmed that it is interested in starting talks with Banco de Sabadell regarding a merger between the two Spanish lenders.

BBVA said in a regulatory filing Tuesday that its board has approached Sabadell's chair to explore a tie-up, and that it has appointed advisors.

Sabadell denies that it is in talks or negotiations with BBVA, a spokesperson told Dow Jones Newswires.

A merger would form a combined entity valued at almost 73 billion euros ($78.27 billion). BBVA's market capitalization stood at EUR63.5 billion as of Monday's close, while Sabadell's was EUR9.4 billion, according to FactSet data.

Write to Elena Vardon at [e-mail]

(END) Dow Jones Newswires

04-30-24 0824ET