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
€1.84
18:15 15/11/24
2.30%
€0.04
IBEX 35
11,635.90
18:44 15/11/24
0.97%
111.60
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.