BBVA has received approval from Morocco’s central bank for the indirect acquisition of Banco Sabadell’s operations in the country, enhancing support for Spanish businesses. Banco Sabadell has been active in Morocco since 2009, offering comprehensive financial services, reflecting strong bilateral trade ties between Spain and Morocco, with trade volumes surpassing €22.7 billion in recent years.
BBVA, Spain’s second-largest bank, has obtained approval from Morocco’s central bank, Bank Al-Maghrib, for an indirect change in control concerning Banco Sabadell’s operations in Morocco. This approval indicates that BBVA has secured all necessary permissions from international regulators to proceed with the acquisition. Banco Sabadell has maintained an operational office in Morocco since 2009, focusing on providing financial assistance to Spanish businesses operating within the country.
Banco Sabadell caters to the needs of Spanish companies with diverse services, such as opening deposit accounts in dirhams and convertible currencies, facilitating foreign trade operations, and offering financing for investments and working capital. Moreover, the bank issues guarantees for public authorities and manages treasury activities, ensuring comprehensive financial support for businesses. The presence of over 4,000 Spanish firms in Morocco illustrates the solid financial connections between the two nations.
In 2023, trade relations surged, with bilateral trade exceeding $22.3 billion, signaling strong economic ties. Approximately 17,000 Spanish companies have exported goods to Morocco, underscoring its importance as an export destination. According to the Spanish Ministry of Economy, Morocco ranks as one of Spain’s leading trading partners, contributing significantly to the record-breaking trade volumes achieved last year. The latest figures reflect that exchanges between Spain and Morocco reached over €22.7 billion, with Spanish exports to Morocco amounting to €12.86 billion, which constitutes 3.34% of Spain’s total exports.
In summary, BBVA’s acquisition of Banco Sabadell in Morocco has received regulatory approval, enabling the bank to further support Spanish enterprises in the region. Banco Sabadell enhances its offerings to over 4,000 Spanish firms, fostering financial collaboration. With robust trade volumes and a growing presence of Spanish businesses in Morocco, the bilateral relationship continues to strengthen, underscoring Morocco’s significance to Spain’s economic landscape.
Original Source: www.moroccoworldnews.com
