Mar. 25, 2015, 3:39 AM
- Banco Sabadell (OTCPK:BNDSY) sees little chance of a rival bidder for TSB (OTCPK:TSBBY) emerging, as it nears a £1.7B takeover of the British bank, said Chairman Josep Oliu, adding he did not expect major regulatory obstacles for the purchase.
- Sabadell, Spain's fifth-biggest bank, already effectively controls 30% of TSB thanks to a call option on shares and has the backing of Lloyds (NYSE:LYG), which owns a 50% stake in the lender.
Mar. 20, 2015, 4:20 AM
- TSB (OTCPK:TSBBY) has agreed to a £1.7B takeover by Spain's Banco Sabadell (OTCPK:BNDSY) in one of the biggest cross-border banking deals since the financial crisis. Sabadell said it planned to grow TSB into a significant challenger to Britain's 'big 4' lenders.
- Lloyds (NYSE:LYG), which holds a 50% stake in TSB, has agreed to sell a 9.99% shareholding and had given an irrevocable undertaking to sell the remainder of its stake to the Spanish bank.
- Previously: Spain's Sabadell approaches TSB with $2.6B bid (Mar. 12 2015)
Mar. 12, 2015, 6:18 AM
- TSB (OTCPK:TSBBY) has received a takeover approach from Banco Sabadell (OTCPK:BNDSY), valuing the business at about £1.7B ($2.6B) and said it would be willing to recommend the offer to shareholders, Sky News reports.
- Lloyds (NYSE:LYG), which is TSB's largest shareholder with a 50% stake, would still need to approve the deal for it to go ahead.
- TSB shares are flying high on the news, up 26% in London.
Nov. 18, 2012, 3:27 AM
Santander (SAN) intends to invest in Sareb, the bad bank created to clean up Spain's banking industry of toxic real-estate assets. BBVA (BBVA) and Sabadell (BNDSF.PK) are considering investing in Sareb but have yet to make a decision. The bad bank will have an initial equity of €3.9B, with the government hoping that the private sector - including foreign investors - will provide €2.2B.| Nov. 18, 2012, 3:27 AM | 3 Comments