Overview

• Sabadell has received preliminary non-binding expressions of interest from NatWest, Barclays, HSBC and Santander for the acquisition of its UK unit TSB.
• The decision to explore a sale follows BBVA’s hostile takeover bid for Sabadell and reflects a strategic refocus on core markets.
• TSB posted an 89% rise in Q1 2025 pre-tax profit to £101.3m, underscoring its appeal despite potential divestment.
• Industry analysts estimate the sale could fetch between £1.7bn and £2bn, marking a return on Sabadell’s 2015 £1.7bn purchase of TSB.
• Experts warn that any takeover could trigger branch closures and job cuts as new owners seek cost savings across 175 outlets.