TSB confirms £1.7bn Spanish takeover move by Sabadell

by Glocal Khabar 122 views0

TSB confirms £1.7bn Spanish takeover move by Sabadell

12th March, 2015 : TSB has confirmed it has received a preliminary £1.7bn takeover approach from Spanish bank Sabadell.

The approach to the UK challenger bank comes less than a year after it rejoined the London stock market after a split from Lloyds Banking Group.

TSB said its board was willing to recommend Sabadell’s 340p-a-share offer.

It said that Sabadell could support and accelerate its “retail growth strategy”.

TSB said if a takeover went ahead Sabadell would continue to “operate TSB as a robust competitor in the UK banking market, building on the TSB brand name”.

Shares in TSB – the UK’s seventh-biggest lender – soared by more than 25% after the announcement.

Sabadell, Spain’s fifth-biggest bank, plans to diversify by expanding overseas to offset sluggish growth in its home market.

Lloyds had been ordered to sell the bank by European regulators as a condition of its government bailout during the UK financial crisis of 2007 to 2009.

Lloyds still has a 50% stake in the business.

Shares in Lloyds moved slightly higher, rising nearly 2% on the news.


Source : BBC



Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

thirteen − four =

This site uses Akismet to reduce spam. Learn how your comment data is processed.