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 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 approach was first reported by Sky News over the weekend.

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