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Banc Sabadell Weighs Sale of TSB to Counter BBVA's Hostile Bid

Banc Sabadell has hired advisers to solicit bids from leading UK lenders under a duty-of-passivity rule requiring shareholder approval.

Archivo - Oficina de TSB, filial británica de Sabadell, en Reino Unido.
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Overview

  • The bank has shared detailed due diligence documents with prospective bidders to expedite a potential sale process.
  • Barclays, NatWest, Santander UK and HSBC are being approached as possible buyers of TSB.
  • TSB serves approximately 5 million UK customers and posted £285 million in pre-tax profits last year.
  • Sabadell acquired the unit from Lloyds Banking in 2015 for £1.7 billion as part of its international growth strategy.
  • The review follows Santander's rejection of bids for its UK retail arm during a surge of banking dealmaking in the market.