December 4, 2021

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Sabadell Bank rejected an offer of 1,200 million for its British branch TSB

Sabadell Bank rejected an offer of 1,200 million for its British branch TSB

Banc Sabadell has rejected an offer from British retail bank Co-operative Bank for 100% of the capital of TSB, its UK subsidiary, for more than £1,000 million – about €1,200 million – as reported yesterday by the TV network. Sky News.

After the news was published, the bank headed by Josep Olio confirmed in a note that it had already received “an unsolicited signal of interest from the cooperative bank with an offer to our subsidiary TSB”. The statement added that Banc Sabadell’s board of directors had formally responded to The Co-operative Bank that “this is not a deal we wish to explore at this time, as we previously publicly stated.”

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The size of the cooperative will almost triple if the purchase, which has already been discarded, goes ahead.

The Co-operative Bank, headquartered in Manchester, is a business entity dedicated to individuals and small and medium-sized businesses with assets of £25,599 million, or approximately €30,000 million. TSB, which has more than 42,000 million assets on its balance sheet, was acquired by Sabadell Bank in 2015 for about €2,300 million. In the market, it is recognized that sooner or later the sale of TSB will be a reality.

After negotiations for a possible sale to BBVA collapsed at the end of last year, Banc Sabadell laid the foundations to continue his venture on his own. At the beginning of the year, the Valesan-origin entity was replaced by Jaume Guardiola, CEO, by Cesar Gonzalez Bueno, CEO of ING.

In May, with the new team, a new strategic plan 2021-203 was presented with the main objective of transforming its retail business model and strengthening its leadership in the business sector in Spain, always with the aim of improving its cost-effectiveness. So far this year, the bank’s shares have rebounded strongly and accumulated an 85% revaluation.

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