TSB sell themselves to Spanish bank

20 March 2015

217px-TSB_Bank_logo.svg TSB, formerly in bed with Lloyds, has agreed to be taken over by Spanish bank Sabadell for £1.7bn.

This isn't quite a done deal however, as first, everything needs to get approved by UK regulator - the Prudential Regulatory Authority - not to mention the European Commission and a variety of shareholders. If it manages to jump through all those hoops, then TSB say that Sabadell will continue to "operate TSB as a robust competitor in the UK banking market, building on the TSB brand name" as well as supporting and accelerating its "retail growth strategy".

This is all impossibly exciting isn't it?

Sabadell is looking to expand away from Spain as it isn't exactly booming in their home country, currently 5th in the table of Spain's biggest banks.

TSB clearly don't like running their own affairs and only left Lloyds because Lloyds had been ordered to by European regulators after they were bailed out by the government after the financial crisis in the UK in 2007. They still have a stake in TSB, but they'll have to sell that, which they have until the end of this year to do.

With all these Spanish banks on the high street, we're hoping that this will mean more gout-inducing sausages in our lives.

TOPICS:   Banking

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