UK bank TSB, which was formerly owned by Lloyds has agreed a 1.7 billion sterling takeover by Spanish bank Sabadell.
The takeover comes less than a year after TSB rejoined the stock market when Lloyds Banking Group sold off 50 percent of the business. Sabadell’s 340 pence share offer is 4 percent above TSB’s Thursday close.
The price is 29 percent above the level at which investors valued the TSB business on March 11 before Sabadell stepped in.
The deal needs approval from several authorities but TSB said if the takeover goes ahead Sabadell would continue to, “operate TSB as a robust competitor in the UK banking market.”