BBVA Secures Approval for Banco Sabadell Acquisition in Morocco
BBVA has received approval to acquire Banco Sabadell’s branch in Morocco, allowing further expansion and service provision for Spanish firms in the region. This highlights the robust trade relationship between Spain and Morocco, reflecting over 4,000 Spanish companies operating in Morocco and bilateral trade exceeding $22.3 billion.
Banco Sabadell’s branch in Morocco is set for a change in control following BBVA’s acquisition, receiving approval from the central bank, Bank Al-Maghrib. The authorization signifies that BBVA has secured all necessary permissions from international regulatory bodies to finalize the transaction.
Banco Sabadell commenced operations in Morocco in 2009 to support Spanish companies with interests in the region. Their services encompass deposit accounts in both local and foreign currencies, foreign trade facilitation, financing for investments and working capital, issuance of guarantees for public authorities, and treasury management.
The strong economic ties between Spain and Morocco are evident, with over 4,000 Spanish firms operating in the country. In 2023, bilateral trade exceeded $22.3 billion, with nearly 17,000 Spanish companies exporting goods to Morocco.
Recent statistics from the Spanish Ministry of Economy indicate that Morocco ranks as a leading trading partner for Spain, achieving all-time high trade volumes. In 2024, Spanish exports to Morocco reached €12.86 billion, representing 3.34% of Spain’s total exports globally.
The acquisition of Banco Sabadell’s Moroccan branch by BBVA marks a significant move in the financial sector, showcasing the strong economic relationship between Spain and Morocco. With a strong presence of Spanish businesses in Morocco and the substantial volume of bilateral trade, both nations are poised for continued growth and collaboration.
Original Source: www.moroccoworldnews.com
