The hostile takeover bid by Banco Bilbao Vizcaya Argentaria (BBVA) against Banco de Sabadell, launched by the Madrid financial institution this Thursday, is certainly a torpedo aimed at the waterline of small and medium-sized Catalan companies, but it is more: it is the eternal desire of Spanish power to leave Catalonia unprotected by any instrument of authority of any kind, whether in the political, business, financial, trade union or media sectors. Sometimes it is done in a way that is sloppier and with no attempt to hide - this would be one clear case; the attacks on the Catalan language and the devastating attempt to apply Article 155 would be others. On other occasions, it is done more subtly, such as when money is injected to spread its supposed successes far and wide. But the method and the force with which BBVA's hostile takeover bid has landed on Sabadell, with just over 72 hours until Catalan voting day on May 12th, clearly goes beyond the framework of debating a solely business-related operation and leaves a fundamental question in the air: who will best provide a defence against this type of aggression and, consequently, of the Catalan business fabric?
It is important that not only the president in exile, Carles Puigdemont, but also the first secretary of the PSC, Salvador Illa, and the president of the Generalitat, Pere Aragonès, have all stood by Sabadell this Thursday. All of them and, if possible, additional political parties will be needed to enforce this attitude in the coming months in defence of the interests of Catalonia, its companies and its citizens. They will need to act, not just talk. To lead and be incorruptible. They must take a broad view, since beyond the question of Sabadell's headquarters, are its roots in Catalonia and what the takeover represents as an attack on Catalonia, its business fabric and its SMEs, which, if it went ahead, would undoubtedly suffer the consequences, since banking concentration will never be favourable to them, especially if the bank that is absorbed is one with which they have a close connection through historical relationships.
The clearest example of the final significance of the operation in terms of balances of power is the ease with which Catalonia is penetrated damagingly without causing great unease among those who control the Spanish playing field from Madrid. Why does Kutxabank, the macro-savings bank controlled by the Basque Nationalist Party, which occupies seventh place by volume in the Spanish ranking - behind Santander, BBVA, CaixaBank, Sabadell, Bankinter and Abanca - never appear in any merger initiative, either friendly or hostile? Fundamentally, because no one in Madrid dares to take a step into the Basque garden, where the waters are always calm, because you don't play games with the territorial power of the north. When it comes to their bread and butter issues, you tread carefully. Any Spanish government knows that, whether from the PSOE or the PP.
Beyond the question of Sabadell's headquarters are its roots in Catalonia and what the takeover represents as an attack on Catalonia, its business fabric and its SMEs
This is not the case when it comes to Catalonia, where the Spanish government, in this as in so many other things, seems to try hard to prove that it cannot be trusted. You only need to go to the statements made on May 2nd - just seven days ago - in Sevilla, by the presidency and justice minister, Félix Bolaños, when he stated that for the Spanish government what is desirable is have "solid, leading financial institutions, leaders in Europe and the world" and he considered BBVA's move into Sabadell to be "good news." This Friday, the entire executive - also the minority faction led by Yolanda Díaz - made an effort to rush in and say the opposite. We will see which political space ends up being more credible on an issue that affects the pockets of thousands of SMEs. Because in an election which is so tight, in which Puigdemont could even overtake Illa, or the two could end up very close, any news that has an amplifying effect in one direction or another, and generates concern among one group of voters, could be important.