Banco Sabadell decided to sell its subsidiary in the United Kingdom of TSB Santander UK for 2650 million pounds (about 3,000 million euros), which can grow up to 2.9 billion pounds (3.4 billion euros) at the end of the operation.
According to sources close to the process, the agreed sale price of 2650 million pounds may be higher, including the benefits received by TSB to work. The amount of the acquisition will be formalized during its closure, planned for the first quarter of 2026.
Although the Board of Directors Sabadella gave the green light to the Santander UK proposal, which was imposed on Barclays, the Catalan financial group will have to convene an extraordinary council for shareholders to give its approval of the transaction.
OPA imposes a passivity on Sabadell, which implies that the board of directors limited his actions to prevent the success of the operation, except when the decisions are approved by the Council of shareholders, which should be called in 30 days.
Banco Sabadell bought TSB in 2015. At one time, 2.4 billion euros were paid. The new price rank of Santander and Barclays Banks will allow an organization that Josep Oliu represents from the excess accounting for sales, if it is now fulfilled ten years later.
In a recent Alantra report quoted by Europa Press, it is explained that Great Britain is a low -profit business business in the Santander group and, as a rule, is not a favorite option for investors in terms of capital distribution. Nevertheless, the company indicated that the purchase of a TSB can be a “small complementary merger” for Santandra with the ability to generate significant synergism and with a slight risk.
Both organizations, TSB and Santander UK, are specialists in the British mortgage market, so they can benefit from the economy of scale. In fact, Santanter is the fourth organization for mortgage loans in the United Kingdom with a market share of 10.5%, behind Lloys (about 19%), throughout the country (16%) and Natwest (12%). For its part, TSB takes ninth place with a share of 2%.
(There will be an extension)
