Banco Bilbao Vizcaya Argentaria S A : BBVA, Sabadell Are in Merger Talks

By Pietro Lombardi

Banco Bilbao Vizcaya Argentaria SA and Banco de Sabadell SA are in talks over a potential merger, BBVA said Monday.

The two Spanish banks have started a due diligence process and appointed external advisors.

"No decision has been made in relation to the potential merger transaction and there is no certainty as to whether any such decision will be made or, if that is the case, as to the terms and conditions of a potential transaction," the lender said.

The news comes just after BBVA agreed to sell its U.S. subsidiary to PNC Financial Services Group Inc. for $11.6 billion.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

11-16-20 1215ET