BBVA Chief Executive Officer Onur Genc said he’s prepared to abandon the pursuit of rival Banco Sabadell if stringent regulatory conditions were to spoil the deal’s appeal.

Banco Bilbao Vizcaya Argentaria said it is prepared to walk away from the deal if conditions imposed by Spain’s competition authority are too stringent.

Spanish bank BBVA has suffered a setback in its €11bn hostile bid for local rival Sabadell as the country’s antitrust regulator announced it would subject the deal to a more rigorous competition review.

By Jesús Aguado MADRID (Reuters) -Spanish bank BBVA is working on concessions aimed at securing regulatory approval for a takeover of rival Sabadell "in a few months", CEO Onur Genc said on Wednesday.

Spain’s competition watchdog expanded its review of Banco Bilbao Vizcaya Argentaria’s hostile bid of about $12 billion for peer Banco de Sabadell, further drawing out a takeover battle between the two banks.

BBVA's long pursuit of Sabadell is becoming even longer, with Spanish regulators launching an in-depth review of its bid, which fell further in value after Donald Trump's U.S. election victory fuelled concerns over its Mexican business.

Spanish bank BBVA is experiencing yet another delay in its hostile takeover bid for Banco Sabadell, following increased requirements put forward by Spain’s antitrust regulator. View on euronews