UK WSBI member bank accepts cash offer of 340p per share from Banco Sabadell, Spain’s fifth-largest bank by assets
BRUSSELS, 24 March 2015 – WSBI UK member bank TSB accepted last Friday a cash offer of 340p per share from Banco Sabadell, Spain’s fifth-largest bank by assets, which is seeking to diversify away from its domestic market in search of growth. The deal was welcomed by Andrea Leadsom, economic secretary to the UK Treasury, as a vote of confidence in Britain’s economy.
However analysts warned the deal came with significant execution risks. Sabadell expected to take three years to adapt its technology platform to the UK market.