Less than a year after its split from Lloyds, TSB confirmed in a statement on Thursday that it has received a preliminary £1.7bn takeover bid from Spanish bank Sabadell.
Following the announcement shares in the FTSE 250 listed challenger bank rocketed by 26%.
TSB said the proposal is for 340p in cash per share. The board has indicated to Sabadell that it would be willing to recommend an offer at the proposed price, subject to reaching agreement on the other terms and conditions of any offer.
Based on preliminary discussions, TSB said it “believes that Sabadell could support and accelerate TSB’s retail growth strategy and accelerate the expansion of TSB’s presence in the SME sector”.
If successful it would continue to operate under the TSB brand in the UK banking market.
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