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Company News

BBVA, Sabadell boards to decide on merger deal in December

MADRID, Nov 16 (Reuters) - The boards of Spanish banks BBVA and Sabadell will decide next month on whether to proceed with a potential merger deal the lenders said they were discussing, a source familiar with the matter said on Monday.

The premium to be paid by the larger BBVA is currently under discussion, the source said, adding that BBVA was not considering a capital increase to fund the deal, which could be in cash or shares, as it had just agreed to sell its U.S. business to PNC Financial Services Group Inc for $11.6 billion.

Both BBVA and Sabadell declined to comment.

Reporting by Jesus Aguado, writing by Andrei Khalip

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