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TSB may be taken over by Spanish bank

British bank TSB said it has been approached by Spanish bank Banco de Sabadell for a possible takeover. The offer values TSB at around £1.7 billion, 30% above the price at which it floated on the stock exchange last summer. TSB is 50% owned by the bailed-out Lloyds Banking Group. TSB said in a statement to the London Stock Exchange that its board believes that Sabadell could accelerate the bank’s retail growth strategy and its expansion into the small business lending market. It added that Sabadell would continue to operate TSB as a ‘robust competitor’ in the UK banking market, building on its brand name. TSB said it could be a challenger to the four biggest players in the UK – Lloyds, Royal Bank of Scotland, Barclays and HSBC. Lloyds is required to sell its remaining shares by the end of this year, and indicated it was considering accepting the offer.

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