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☆ Spain's BBVA takes aim again at $10 billion Sabadell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +2 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed. The potential merger follows a period of consolidation in the sector as Spanish banks seek to cut costs and boost scale. For BBVA, a tie-up would boost its domestic business and increase lending to small and medium-sized companies, where Sabadell is strong. Spain's Economy Minister Carlos Cuerpo told Spanish news agency EFE that it was essential to preserve a competitive landscape in the financial sector.

Persons: BBVA's, Onur Genc, Carlos Torres, Joaquin Robles, JP Morgan, Carlos Cuerpo, EFE Organizations: BBVA, Sabadell, XTB, Unicaja, UBS, JPMorgan Locations: Spanish, Madrid, Spain, Santander's

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

MALATYA, Turkey, March 4 (Reuters) - The Trend Garden Residence, an upscale serviced apartment building in the Turkish city of Malatya, boasted a gym, freshly-furnished rooms and a roof-top cafeteria. Erdogan, who has led Turkey since 2003, said following the disaster that building standards have improved under his watch. Among those arrested as part of the Trend Garden probe is Engin Aslan, according to the government officials. Corporate records show he is the majority owner of a Turkish company that, according to land registration documents, owns the building. A spokesperson for the Yesilyurt district municipality, where Trend Garden was located, declined to comment about the building’s registration history.

☆ Spanish banks mull legal challenge to bank tax proposal
▼ + stars: | 2022-11-28 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

MADRID, Nov 28 (Reuters) - Spanish banks Bankinter (BKT.MC) and Caixabank (CABK.MC) are considering challenging the government's new banking tax proposal in court, executives from the lenders said on Monday. An amended windfall tax proposal for Spanish banks and large energy companies last week cleared its first hurdle in parliament with the backing of the leftist ruling coalition and several regional parties. Earlier this month, the banking tax was amended to impose levies on the local units of foreign lenders after the ECB said the proposal would distort competition. Any potential legal challenge from the sector against the government would constitute an unprecedented legal move. BBVA's (BBVA.MC) Chief Executive Onur Genc said his bank would analyse the implications of the bank tax proposal and "we will decide in due time whether to appeal it".

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