TSB considering €2.4 billion Spanish takeover

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TSB banking group, which is one of the largest lenders in the UK, has officially stated that it is considering the offer from Spain´s Banco Sabadell in a statement given yesterday (Thursday March 12).  

TSB, which found itself in difficulties during the British financial crisis was, until recently controlled entirely controlled by the Lloyds Banking group.

Lloyds – which itself had to accept a bail-out package from the UK government, sold 50 per cent of TSB on the stock market less than a year ago. The rest of the stock must be re-floated on the stock market by the end of 2015. The bid, which has been seen as a largely positive offer by British business gained more than 25 per cent value on the stock market in the day following the announcement.

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Sabadell, which is one of Spain’s  five  largest banking groups, is looking to expand its operations overseas and in business circles a deal is considered to be likely. In contrast to TSB’s rise in value Sabadell’s offer caused the Iberian companies value to initially drop more than 8 per cent.

TSB is a major employer in the UK, with more than 8000 staff and, at least initially, Sabadell is planning to continue running TSB as a high street banking operation.

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