Overview

• Santander has approached Banco Sabadell to discuss a takeover of TSB, according to City sources.
• Barclays is exploring a formal bid for the UK high street bank, as reported by the Financial Times.
• NatWest confirmed it is not bidding and has ruled out acquiring TSB.
• Banco Sabadell is under pressure from an €11 billion hostile takeover offer by BBVA as it seeks a TSB buyer.
• TSB reported a pre-tax profit of £101 million in the first quarter and operates around 175 UK branches.