GlobalData
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Banco Santander and Barclays are the remaining contenders to acquire Banco Sabadell’s UK unit, TSB, Bloomberg reported, citing sources.
Sabadell may select one bank for negotiations, though a deal is not guaranteed, the publication noted.
There was no comment from the representatives of the parties involved.
Sabadell CEO Cesar Gonzalez-Bueno said that a sale “isn’t a poison pill” and would only proceed if it “makes sense,” with a decision expected before the new plan is unveiled on 24 Julyx`.
The potential sale coincides with an €11bn unsolicited takeover bid for Sabadell by BBVA, as Spanish authorities issued at least three years wait period to integrate their operations.
The Spanish government, aiming to protect jobs and maintain financial stability, has mandated that BBVA and Sabadell remain separate legal entities with independent management for at least three years.
A TSB sale could limit BBVA’s access to a key asset, the reported highlighted.
TSB, acquired by Sabadell from Lloyds Banking Group in 2015, reported £285mn in pre-tax profits and £46.1bn in assets in 2024, serving 5 million UK customers.
Earlier, sources cited by the Financial Times said that a sale could value TSB between £1.7bn and £2bn.
Barclays has been focusing on strengthening its UK operations as part of a broader restructuring to boost profitability, having recently acquired UK firms such as Kensington Mortgages and Tesco Bank.
Meanwhile, Santander has been closing some UK branches and reducing jobs to enhance its performance.
"Santander and Barclays in final race to acquire TSB Bank " was originally created and published by Retail Banker International, a GlobalData owned brand.
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