Spain’s Banco de Sabadell has effectively completed its takeover of British High Street bank TSB for £1.7 billion ($US2.67 billion).
The deal was first announced in March but has today cleared its final regulatory hurdle. The Bank of England’s Prudential Regulation Authority has rubber stamped the takeover.
The offer period is still open, meaning shareholders can agree to the deal if they haven’t already, but Banco de Sabadell already has enough approvals to get the deal through.
It means TSB is now effectively Spanish. It’s ironic considering that when TSB was spun out of Lloyds last year one of the British High Street bank’s advertising campaigns read: “Welcome back to local banking,” as you can see in the picture above. Looks like we’ll have to say goodbye to it again.
TSB will be delisted from the London Stock Exchange on July 28.
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