Bbva, in the midst of the Sabadell takeover bid, the judiciary attacks the bank
Investigation into whether BBVA paid a former high-ranking police officer to spy on rivals, politicians and journalists
2' min read
2' min read
While the Bbva is engaged in a hostile bid of 11.5 billion on rival Sabadell, a judicial tile arrives on the Spanish banking giant. The Madrid judiciary, in particular prosecutor Alejandro Cabaleiro, is demanding that Banco Bilbao Vizcaya Argentaria be prosecuted as part of a wide-ranging criminal investigation into alleged corporate espionage.
The investigation by the judiciary
According to investigators and the documentation presented by prosecutor Alejandro Cabaleiro, the bank and some former executives should be tried on charges of bribery and revealing secrets.
BBVA president Carlos Torres was not listed as a suspect, but Cabaleiro stated in the document that Torres sent e-mails to his executives while in a previous role at the bank to express interest in the private dealings of acquaintances.
Torres, who joined the bank in 2008 and served as CEO between 2015 and 2018, has previously denied involvement.
Payments to spy on rivals, politicians and journalists
The prosecutor's move is part of a years-long investigation into whether BBVA paid a former high-ranking police officer to spy on rivals, politicians and journalists. The bank and several executives were formally investigated in early 2020. An investigating judge has not yet decided whether they should be prosecuted.
