UK regulator approves BBVA purchase of Sabadell's TSB

The UK's Prudential Regulation Authority has green-lighted Spanish bank BBVA to take indirect control of Sabadell's British subsidiary TSB, BBVA said on Tuesday.

The approval is one of the regulatory approvals needed for BBVA to complete its €12bn bid for Sabadell, "since TSB would become part of BBVA", the Spanish lender said in a statement.

BBVA added that it had received approval for the deal from authorities of several countries where Banco Sabadell has a presence, including the US, France, Portugal and Morocco.

Reporting by Frank Prenesti for Sharecast.com