Particle.news

Download on the App Store

Santander and Barclays Weigh Bids for TSB as NatWest Withdraws

Banco Sabadell has until June 27 to secure a buyer for its UK arm as it defends against a hostile takeover bid from BBVA.

Image
Image

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.