Sabadell explores the sale of the United Kingdom

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Sabadell explores the sale of British Bank TSB, where the Spanish lender seeks to repel a hostile approach of 11 billion euros from its local opponent BBVA.

Sabadel People are in contact with the advisers to study the unloading of the UK street unit, and he was in contact with potential bidding.

Two people said that the sale related documents were distributed to potential offers providers in recent weeks, one of which added that the parties concerned have been granted access to the limited due care process, including the data room.

Another person said that Sabadel had started the operation after receiving unwanted attention in TSB from multiple parties. People added that the offers of interesting offers are presenting the offers this month.

Sabadell acquired TSB, which was previously owned by the Lloyds Banking Group group, in 2015 for 1.7 billion pounds as part of the bank’s then “internationalization” strategy and diversification away from Spain.

However, the lender was arrested in the battle of acquisition with BBVA for more than a year, raising questions about the future of TSB.

The government of Spain, which is led by socialism, which had previously expressed opposition to the seizure of Sabadil by BBVA, last month, last month, this giving was subjected to a full review by the cabinet ministers, which is the latest setback to try to unite two of the largest banks in the country.

A group would make BBVA-SABADELL the second largest player in the country’s loan market, and Santander jumps but less than Caixabank.

It may include the potential offers of the SABADELLLLLALAIS, NatWest, Santander UK and HSBC. It is not clear which parties approached Sabadil about a deal.

Last year, TSB reached profits before taxes of 285 million pounds at an income of 1.14 billion pounds, and the total assets of 46.1 billion pounds at the end of 2024. The bank includes about 5 million customers in the United Kingdom.

The sale of TSB is the latest attempt in manufacturing deals in the banking industry in Britain and comes after Santander recently rejected bids from NatWest and Barclays for the UK retail bank, FT previously said.

It was not clear what Prys Sabadel is seeking to TSB, but one person familiar with the bank said that the sale could generate between 1.7 billion pounds and 2 billion pounds. TSB was a total of 2.1 billion pounds at the end of last year.

Another person added that returning some sales returns to shareholders can help keep their side in the BBVA epic.

Since its launch in May 2024, BBVA’s hostile show has become the most acquired epic in Spain for years. It is opposed by the Sabadell Council, which initially rejected a friendly approach by BBVA, as well as the elite business in Catalonia, where SABADELL has roots.

Last month, the European Commission warned the Spanish government that it does not have the ability to prevent BBVA’s offer. In the Cabinet, Pedro Sanchez is located until June 27 to decide whether there are reasons other than competition issues to impose additional conditions or restrictions on the deal.

Since Sabadell is currently the subject of the acquisition offer, its board of directors is obligated to a “negative duty”, which means that any agreement reached regarding the sale of TSB must be submitted to shareholders for approval.

If BBVA succeeds in its acquisition of Sabadell, it is widely expected that the bank will look to cancel the TSB download.

Sabadel refused to comment.