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Sabadell’s TSB Unit Attracts Interests from Barclays, Santander
June 19, 2025
Banco Sabadell SA’s UK retail banking arm, TSB, is attracting early interest from potential buyers including Barclays Plc and Banco Santander SA, according to sources familiar with the matter. Both banks are in preliminary stages of exploring separate bids, and while no deal is guaranteed, a sale could support Sabadell’s defense against a hostile takeover attempt by BBVA SA by offloading a valuable asset. Barclays has been strengthening its UK operations through recent acquisitions like Kensington Mortgages and Tesco Bank, while Santander, despite trimming global operations, has signalled openness to strategic acquisitions. Analysts estimate TSB could fetch around £2.6bn ($3.48bn), with NatWest also seen as a potential bidder. Sabadell purchased TSB for £1.7bn ($2.3bn) a decade ago, but the bank faced setbacks due to a failed IT upgrade before recent improvements in performance. All involved parties have declined to comment as discussions continue.
Bonds of Sabadell were trading broadly stable across the curve.
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