Sabadell has sold its British subsidiary TSB to Santander Bank
The board of directors of Sabadell has accepted the offer of Santander UK (which has prevailed over that of Barclays), but the bank of Catalonia will have to convene an extraordinary meeting of shareholders to support the sale, as it is immersed in the BBVA purchase offer.
Sabadell Bank has decided to sell its TSB subsidiary in the United Kingdom to Santander UK for EUR 3 billion , although the price couldrise toEUR 3.4 billion by the end of the operation.
Sources close to the process have explained today that the agreed price could be higher as it includes the benefits that TSB makes until the end of the operation. En this way, the final amount would be determined at the time the purchase is closed, scheduled for the first quarter of 2026.
The board of directors of Sabadell has approved the offer of Santander UK, which has been imposed onthe offer of Barclays. However, the bank of Catalonia will have to convene an extraordinary meeting of shareholders to support the sale, since it is immersed in the offer of purchase made by the BBVA.
TSB and Santander UK are experts in the UK mortgage market, as Santander is the fourth largest mortgage financial institution in the UK, with a market share of 10.5%, followed by Lloys (about 19%), Nationwide (16%) and NatWest (12%).
On Monday, when it became known that Santander had made a binding offer to buy TSB, the BBVA announced its intention to proceed with the purchase offer of Sabadell, after analysing thecondition set bythe Spanish Government\ u00A0.
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