(Bloomberg) -- BBVA said it received authorization from Mexican antitrust supervisors for its proposed takeover of Banco Sabadell SA.

The Mexican Federal Economic Competition Commission granted BBVA approval to indirectly acquire Sabadell’s stakes in various subsidiaries in Mexico, Spain’s second-biggest bank said in a statement Monday.

The regulator’s “analysis determined that the transaction poses no risk to competition in the Mexican banking sector,” BBVA said.

The lender, whose full name is Banco Bilbao Vizcaya Argentaria SA, had previously obtained clearance from the UK’s Prudential Regulation Authority and the European Central Bank, but still awaits approval from Spain’s National Securities Market Commission and the National Commission of Markets and Competition.

That has held it from advancing in the attempt to take over the Spanish rival, following an offer in May that’s taking longer than expected.

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