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Bond Market News
Sabadell Explores Sale of Subsidiary TSB
June 17, 2025
Banco Sabadell is exploring the sale of its UK subsidiary, TSB, in an effort to fend-off a takeover by rival BBVA. In a regulatory filing, Sabadell confirmed receiving preliminary non-binding interest for TSB and stated it would consider any binding offers. Details on the potential transaction size were not revealed. TSB, with over five million customers and 186 branches, has improved its financial performance, posting a £290mn profit in 2024, its highest since 2013.
Sabadell originally acquired TSB in 2015 for £1.7bn. Sabadell had earlier rejected a previous offer from Co-operative Bank in 2021 and is now working with advisers to evaluate new bids. The move coincides with BBVA’s proposed acquisition of Sabadell which the Spanish government is currently reviewing. Sabadell has also explored a possible merger with Unicaja Banco as a defensive strategy to counter BBVA’s bid. As per reports, BBVA has not disclosed its intentions for TSB should the takeover succeed.
Bonds of Sabadell and BBVA were trading broadly stable across their curves.
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