BBVA Receives Approval from Morocco’s Central Bank for Banco Sabadell Acquisition

BBVA has received approval from Morocco’s central bank for the acquisition of Banco Sabadell’s branch. This deal allows BBVA to support Spanish businesses in Morocco, which has seen substantial trade growth. Bilateral trade exceeded $22.3 billion in 2023, reflecting strong economic ties between the two countries.

BBVA, Spain’s second-largest bank, has received approval from Bank Al-Maghrib, Morocco’s central bank, for the indirect change in control of Banco Sabadell’s subsidiary in Morocco. This approval confirms that BBVA has obtained all required permissions from international regulatory bodies to finalize the acquisition. Banco Sabadell has maintained an operational presence in Morocco since 2009, focusing on aiding Spanish businesses in the region and facilitating their expansion needs.

Sabadell’s services in Morocco include opening deposit accounts in dirhams and convertible currencies, facilitating foreign trade operations, and offering investment and working capital financing. Additionally, the bank issues guarantees for public authorities and manages treasury activities. The presence of over 4,000 Spanish businesses in Morocco highlights the strong financial ties between the two nations.

In 2023, trade between Spain and Morocco surpassed $22.3 billion, with around 17,000 Spanish firms exporting goods to the Moroccan market. Reports from the Spanish Ministry of Economy indicate that Morocco is becoming one of Spain’s top trading partners, with significant growth in bilateral exchange last year. Trade volumes exceeded €22.7 billion, with Spanish exports to Morocco amounting to €12.86 billion in 2024, equating to 3.34% of Spain’s total exports.

BBVA’s successful acquisition of Banco Sabadell’s branch in Morocco underscores the strengthening financial relationship between Spain and Morocco. With robust trading activity and a considerable number of Spanish businesses operating in Morocco, the nations are solidifying their economic ties, showcased by record-breaking bilateral trade figures. This acquisition furthers BBVA’s commitment to supporting Spanish entities in Morocco and enhancing bilateral economic cooperation.

Original Source: www.moroccoworldnews.com