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 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.

Spain's BBVA remains committed to cooperating with the competition authority CNMC to secure approval for the lender's takeover of Sabadell "in a few months", Chief Executive Officer Onur Genc said on Wednesday.

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 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