The CEO of Spanish bank Sabadell, César González-Bueno, said Thursday that Spanish takeover law limits what the bank can do to defend itself against a takeover bid launched by its biggest rival, BBVA.

It is the first time Gonzalez-Bueno has spoken after the €12.23 billion ($13.1 billion) hostile takeover bid launched last week by BBVA in a surprise deal that provoked immediate opposition from Spain's government.

(Reporting by Jesús Aguado; editing by Inti Landauro; Spanish editing by Javi West Larrañaga)