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Sabadell studies the sale of its British Bank TSB when the Spanish lender seeks to break away from a hostile approach of 11 billion euros from the BBVA Internal Competitor.
Sabadel Works with the UK unloading advisers High Street and contacts the potential bidders, people who are familiar with this issue, Financial Times reported.
Two people said that in recent weeks the documents concerning the sale for potential bidders have been distributed, and one added that the stakeholders had access to the limited check process, including the data.
Another person said Sabadel started the process after he got an unwanted interest in TSB from several parties. The interested bidders are expected to submit proposals this month, people added.
In response to the FT report, Sabadel said on Monday that it received “pre -working expressions that are of interest to acquiring the entire TSB Banking Group’s main capital.”
Added: “Banco Sabadell will evaluate any potential proposal for mandatory binding. Any transaction will be subject to all legal obligations.”
Sabadell purchased TSB, which previously belonged to Lloyds Banking Group, in 2015 for £ 1.7 billion in the framework of the Internationalization Strategy and Diversification from Spain.
However, the lender was involved in the BBVA combat battle for more than a year, provoking questions about the future TSB.
Last month, the BBVA led by Spain, who had previously expressed the confrontation between Sabadel, which was subjected to this application for a full review of the ministers of the Cabinet, the latest failure to combine two of the country’s largest banks.
The combination would make the BBVA-Sabadell the second largest player in the country’s loan market, jumping Santander but does not fit Caixabank.
Potential bidders on TSB owned by Sabadel may include Barclays, Natwest, Santander UK and HSBC. It is unclear which parties turned to Sabadel about the deal.
Last year, TSB reported income to taxation of £ £ £ £ £ £ £ at the end of 2024. It had a total amount of £ 46.1 billion.
The TSB Selling process is the latest attempt to deal with transactions in the British banking industry and comes after Santander recently rejected applications from Natwest and Barclays for his UK’s trade bank, FT reports earlier.
It was unclear what price Sabadell is looking for TSB, but one person acquainted with the bank, said the sale could produce from 1.7 billion pounds and 2 billion pounds. At the end of last year, TSB had a total capital of 2.1 billion pounds.
Returning at least some revenue from sales shareholders can help keep them on the side of the BBVA saga, another person added.
Since its launch in May 2024, the hostile bbva application has become the most violent saga of Spain in the years. This opposes the Sabadel Council, which initially rejected the BBVA’s friendly approach, as well as the Ellite business in Catalonia, where Sabadel has roots.
Last month, the European Commission warned the Spanish government that it was not allowed to block BBVA applications. Pedro Sanchez’s Prime Minister’s cabinet has until June 27 to decide whether there are reasons except competition issues to impose additional conditions or transaction restrictions.
Currently, Sabadell is the subject of the application for absorption, its board of directors is obliged to “duty the passivity”, that is, any agreement reached in relation to the sale of TSB will need to submit shareholders for approval.
If the BBVA succeeds in the Sabadel’s absorption, it is widely expected that the bank will look for TSB to unload.
