TSB prepared to back £1.7bn takeover

TSB received a takeover approach from Spain's Sabadell valuing the UK bank at 1.7 billion.
TSB received a takeover approach from Spain's Sabadell valuing the UK bank at 1.7 billion.
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TSB is set to fall into Spanish hands after the UK challenger bank said it was prepared to back a takeover offer valuing the business at £1.7 billion.

The proposal from Banco de Sabadell comes less than a year after TSB rejoined the London stock market in a split from Lloyds Banking Group.

TSB said its board was minded to back Sabadell’s 340p-a-share offer and added that its ownership would help accelerate TSB’s growth strategy.