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Sabadell given EU clearance for TSB acquisition

Mon 18th May 2015
Sabadell given EU clearance for TSB acquisition

The European Commission gave Spanish lender Banco Sabadell clearance on Monday for its 1.7bn acquisition of TSB. The EC said the combined company's moderate market share and limited overlap did not raise any competition issues.

Sabadell announced in March that it had agreed a takeover of TBS, which was spun off from Lloyds in 2013 under the orders of the European Commission and floated last year.

Lloyds owned 50% of TSB before the deal was announced and had been planning to sell this off by the end of the year.

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* Spanish Banks overseas push reflects doubts on recovery at home

* TSB accepts Spain's Sabadell takeover

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