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Spain's Sabadell plans eventual merger or sale of British unit TSB - media

Spain's Sabadell plans eventual merger or sale of British unit TSB - media
FILE PHOTO: A sign is displayed outside a branch of the TSB bank in central London March 12, 2015. REUTERS/Neil Hall -
Neil Hall(Reuters)
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MADRID (Reuters) – Spain’s Sabadell <SABE.MC> plans an eventual merger or sale of its TSB unit once it has returned the British bank to profitability, Sabadell’s chairman was quoted as saying on Friday.

“The aim is that TSB enters into a process of consolidation in the future in Britain,” Expansion newspaper quoted Josep Oliu as saying at an event in New York.

La Vanguardia, El Pais and El Economista all reported similar comments. A Sabadell spokesman was not available for immediate comment.

In January, Sabadell will present a plan to turn around the bank, which was hit by a costly IT problem earlier this year, Oliu said, the newspapers reported.

“We will need at least two years for this. Afterwards we will enter into the consolidation process,” he said.

(Reporting by Isla Binnie; editing by Jason Neely)

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