BBVA Chairman Says ‘Not Right Moment’ for Sabadell to Sell TSB

BBVA SA Chairman Carlos Torres criticized the timing of Banco Sabadell SA’s decision to explore a sale of its UK unit, while insisting such a move wouldn’t derail his bid for the Spanish rival.

This is not the “right moment” to sell, Torres said in an interview on Onda Cero radio. “We hope that the takeover law is respected.”

The comments come after Banco Sabadell said Monday that it received “preliminary non-binding expressions of interest” and is prepared to consider offers. While selling the business now is complicated because Sabadell’s strategic options are restricted as long as it’s a ...