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BBVA gains approval for Banco Sabadell acquisition in Morocco
Spain’s second-largest bank, BBVA, has received approval from Morocco's central bank, Bank Al-Maghrib, for the indirect change in control of Banco Sabadell’s operations in the country. This development marks a significant step in BBVA's broader strategy to enhance its presence in North Africa.
Banco Sabadell has been operating in Morocco since 2009, primarily to support Spanish companies with ventures in the region. The bank's services are tailored to meet the financial needs of these businesses, offering solutions that encompass everything from opening deposit accounts to facilitating foreign trade operations.
BBVA's statement confirmed that it has now secured all necessary permissions from international regulators to finalize the transaction. The acquisition is expected to bolster the financial ties between Spain and Morocco, a relationship that has been growing stronger in recent years.
The economic landscape between the two nations is vibrant, with over 4,000 Spanish businesses currently active in Morocco. In 2023, bilateral trade exceeded $22.3 billion, showcasing the robust commercial exchanges that characterize this partnership. Notably, nearly 17,000 Spanish companies are involved in exporting goods to Morocco, underlining the country’s importance as a trading partner.
Recent statistics from the Spanish Ministry of Economy highlight Morocco's role as a leading African trading partner for Spain, achieving remarkable trade volumes. In 2024, Spanish exports to Morocco reached €12.86 billion, which constitutes approximately 3.34% of Spain’s total exports.
This acquisition is poised to further enhance the economic collaboration between Spain and Morocco, solidifying their shared interests in various sectors.