Spain's Sabadell given EU clearance for TSB acquisition

The European Commission gave Spanish lender Banco Sabadell clearance on Monday for its £1.7bn acquisition of TSB.

The EC said the combined company’s moderate market share and limited overlap did not raise any competition issues.

Sabadell announced in March that it had agreed a takeover of TBS, which was spun off from Lloyds in 2013 under the orders of the European Commission and floated last year.

Loyds owned 50% of TSB before the deal was announced and had been planning to sell this off by the end of the year.