BBVA runs the risk of incurring a penalty fee of around 1.7 billion euros if it breaks the lease contract that it has with Merlin Properties for nearly 700 branches. The financial entity is currently negotiating its merger with Banco Sabadell and that operation would likely involve the closure of 1,232 branches of the combined group, according to industry sources.
The financial entity chaired by Carlos Torres is the Socimi’s most important tenant. It currently pays around 79 million euros per year for the rental of almost 700 branches, whose lease agreements are not due to expire until 2040.
Read the full article in Spanish.