This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Sabadell Shareholders Approve TSB Sale to Santander
August 7, 2025
Sabadell’s shareholders have unanimously approved the sale of its UK banking unit TSB to Santander for £2.65bn ($3.53bn) in cash. Analysts suggest that the deal is a strategic move to counter BBVA’s hostile €15bn takeover bid. The deal is coupled with a special one-off cash dividend of €2.5bn ($2.9bn) from the proceeds. Nearly a decade after acquiring TSB for £1.7bn, Sabadell’s leadership emphasized the sale would sharpen the bank’s focus on the Spanish market, where it sees greater growth potential. BBVA must now decide whether to proceed or withdraw its €15bn takeover offer.
If BBVA moves ahead, Spain’s market regulator is expected to open the acceptance period for Sabadell shareholders in early September, with up to 70 days given to tender shares. Sabadell management has opposed the BBVA deal since the beginning, as they pointed to regulatory hurdles – most notably, a three-year mandate for the banks to operate separately. But Spain’s anti-trust regulator approved it with some minor remedies.
Sabadell’s bonds are trading stable, with its EUR 6% 2033s at 107.22, yielding 3.23%.
For more details, click here.
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.