Banco de Sabadell S A : Co-op bank confirms TSB approach
10/25/2021 | 04:50am EST
The Co-op bank has today confirmed it approached Spanish lender Banco de Sabadell over buying fellow bank TSB.
The bank said that it sent a letter to Banco de Sabadell but that no discussions are currently taking place between the two banks.
Reports from Sky News emerged over the weekend indicating Co-op bank had sounded out Sabadell’s board over their appetite for a possible takeover.
However, the board slapped down the approach, saying “This is not a transaction that we wish to explore at this moment.”
Sabadell acquired TSB after it was floated on the stock market by its previous owner, Lloyds. It has around 290 branches in the UK.
Co-op bank said in a regulatory filing today it had sent a letter to Sabadell expressing an interest in buying TSB, but it did not yield any discussions.
Nick Slape, chief executive of Co-op bank, said: “Our unique brand, underpinned by Co-operative values and ethics and the significant progress we have made in returning our bank to profitability is a testament to the hard work of our colleagues and the loyalty of our customers – which we continue to place at the heart of all our decisions.”
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