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.
Banco de Sabadell
€1.87
18:15 07/10/24
1.33%
€0.02
IBEX 35
11,717.50
18:43 07/10/24
0.50%
58.30
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.