BBVA gets green light from U.K’s Prudential Regulation Authority to take indirect control of Banco Sabadell’s British unit TSB
The U.K.’s Prudential Regulation Authority has given green light to BBVA to take indirect control of TSB Bank plc, Banco Sabadell’s banking subsidiary in the United Kingdom. The authorization is one of the conditions to which the purchase offer to Banco Sabadell shareholders is subject and a necessary step to complete it, since TSB would become part of BBVA.
BBVA presented an offer to acquire Banco Sabadell shares from its shareholders on May 9, 2024, which will start once the bank receives the necessary regulatory authorizations. Since then, BBVA has received the green light to the transaction from authorities of several countries where Banco Sabadell has a presence (United States, France, Portugal and Morocco). The U.K.’s Prudential Regulation Authority is in charge of supervising some 1,500 entities, among banks and insurance companies. One of them is TSB, the British bank owned by Banco Sabadell.
Some steps before starting the offer to Banco Sabadell shareholders include the authorizations to said offer from the European Central Bank and the Spanish Securities Market Commission (CNMV in Spanish). Furthermore, the offer is subject to the acceptance of a majority of the social capital of Banco Sabadell (minimum of 50.01 percent) and the approval of the Spanish competition regulator (CNMC).
