In the financial world, Banco Santander and Barclays have shown interest in acquiring TSBthe British subsidiary of Banco Sabadell. Although they have not yet submitted formal offers, they are expected to do so before the deadline comes this Friday.
Financial sources have revealed that Santander and Barclays are the main bidders interested in acquiring TSB. Although the deadline for presenting offers expires soon, so far no firm offers have been submitted, according to ‘Bloomberg’ information.
In the event that Banco Sabadell accepts to sell TSB, the Board of Directors must evaluate the proposals received. In addition, a shareholders’ board must be summoned to approve the operation, considering the BBVA OPA acceptance period.
Sabadell plans to make a decision on the sale of TSB for the July 24. This would imply that the new strategic plan could have projections on the closure of the operation.
In an act in Santander held this last Wednesday, the entity’s CEO, César González-Buenos, avoided giving concrete dates about the decision of the Council and the call of the Board, but said that the projections will already be incorporated if the sale of the British subsidiary will be incorporated.
Sabadell has received manifestations of interest in TSB in the middle of the BBVA OPA. This situation imposes restrictions on the Council of Sabadell, which must act passively, except decisions approved by the Board of Shareholders.
González-Well has highlighted the importance of not rushing into decision making and evaluating whether the sale will generate value for shareholders. In addition, it has emphasized that the TSB operation is not linked to the BBVA OPA.
Since the acquisition of TSB in 2015, it has had an outstanding performance, contributing approximately 253 million to the results of the Sabadell group in 2024. This contribution is expected to increase by 15% in 2025.
Despite the good performance, the CEO of Sabadell considers that the group has reached a less significant relative improvement point. However, there are favorable factors that could benefit TSB, such as the impact of interest rates and possible synergies that are generated.