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Banco de Sabadell gets green light for TSB purchase

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  • 30/06/2015
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Banco de Sabadell gets green light for TSB purchase
Spain's fifth largest bank, Banco de Sabadell, has been given regulatory clearance to purchase Lloyds Banking Group's (LBG) remaining stake in TSB.

The green light will allow LBG to complete the sale of its 40.1% stake in TSB for around £680m.

The transaction sees the end of LBG’s obligation to the European Commission (EC) to repay its package of state aid ahead of the 31 December 2015 deadline.

LBG is waiting for confirmation from the EC that it has satisfied the terms of its retail business disposal commitment.

The Initial Public Offering of TSB launched in June 2014. Following the news in March this year that Sabadell was in takeover talks with TSB, shares in the challenger bank rose by 25%.

In a statement released by TSB at the time of Sabadell’s announcement, TSB said the Spanish bank recognised the achievements of TSB’s management and employees and would continue to build on the TSB brand name.

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