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UK bank TSB confirms £1.7bn takeover approach by Sabadell

  • UK bank TSB has received a takeover approach of £1.7 billion from Sabadell.

    The takeover move by the Spanish bank comes after TSB rejoined the stock market last year following Lloyds Banking Group’s selling off 50% of the business.

    TSB’s board is willing to recommend the Sabadell an offer of 340p per share, the UK bank said.  

    It said that if the takeover was successful, the Spanish bank would build on “the TSB brand name”.

             

    Tagged as: UK bank, TSB, takeover approach, Sabadell, takeover, Spanish bank, Lloyds Banking Group, business news