The European Commission has sent Spain a legal warning over its move to block a banking merger between BBVA and Banco Sabadell, a deal that would create one of the region’s largest lenders.

The EU said Spanish laws granting the power to intervene in banking deals undermined the ECB and restricted the bloc’s freedoms of establishment and capital movements.

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The European Commission officially challenged the Spanish government on Thursday over its attempts to hinder Spanish bank BBVA's hostile bid for smaller rival Sabadell .

Spain Blocks Legal Merger of BBVA and Sabadell for Up to Five Years After first three years Spanish cabinet will assess whether to hold the merger for another two By Elena Vardon Share ...