The sale of TSB to Santander has been approved for £2.65 billion, leading to expected branch closures and the disappearance of the TSB name. Sabadell, which acquired TSB for £1.7 billion in 2015, will distribute an extraordinary dividend of €2.5 billion. Santander UK plans to fully integrate TSB, yielding cost savings of approximately 13%. The sale is linked to Sabadell's strategic move amidst potential takeover interests from BBVA but was stated to be beneficial regardless of competing actions.
We tend to use the Santander brand on the high street around the world... The integration will deliver cost savings of around 13% across the combined operations.
The sale comes amid growing speculation that Sabadell had been preparing a defensive strategy to ward off renewed takeover interest from Spanish rival BBVA.
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