TSB confirms £1.7bn Spanish takeover move by 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 has confirmed it has received a preliminary £1.7bn takeover approach from Spanish bank Sabadell.

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".