Co-op Bank's approach about possible deal to buy TSB did not lead to talks

The Co-operative Bank has confirmed reports that it approached the owner of TSB about buying the rival bank, but that the approach has not led to any talks.

The Co-operative Bank said that it had sent a letter to Spain’s Banco de Sabadell about the potential deal.

“The bank confirms that such letter was sent but that no discussions in relation to a potential transaction are currently taking place between the bank and Sabadell,” it said.

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Co-operative Bank chief executive Nick Slape said: “Our unique brand, underpinned by co-operative values and ethics and the significant progress we have made in returning our bank to profitability is a testament to the hard work of our colleagues and the loyalty of our customers – which we continue to place at the heart of all our decisions.”

The approach was first reported by Sky News over the weekend.

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