Overview

• Banco Sabadell’s shareholders endorsed the sale of its British arm TSB to Santander for £2.65 billion and approved a linked €2.5 billion special dividend with a 74.8% quorum and 97% support.
• Sabadell projects the TSB price will rise to about €3.361 billion by closing and plans to distribute proceeds in the first quarter of 2026 as part of its defense strategy.
• Spanish regulators have cleared BBVA’s offer on the condition that both banks maintain separate management for three years, extendable by two, delaying any full integration.
• BBVA’s latest universal registration document flags the TSB divestment as a material risk and highlights potential operational, financial and integration uncertainties.
• BBVA now has days or weeks to choose between holding its current bid, sweetening the offer with more cash or shares, or withdrawing its hostile takeover attempt.