TSB Agrees for £1.7bn Takeover Deal by Spain's Sabadell

  • UK bank TSB has agreed for a deal of £1.7bn by Sabadell, a Spanish bank. The takeover is coming in a time when not even a year has passed when TSB re-entered the stock market after Lloyds Banking Group sold off its 50% business. Lloyd is now selling the other 50% of its stake to Sabadell. Before getting finalized, the deal requires a consent from the UK regulator the Prudential Regulatory Authority and from the European Commission and also from the shareholders. Lloyd has a time till the end of 2015 to sell rest of the stakes of TSB.