Banco Sabadell announced on Tuesday, 1, which reached an agreement to sell TSB Bank to the Santander group.
The Sabadell Council is asking the company’s shareholders to approve the sale of approximately 2.65 billion sterlin pounds ($ 3.46 billion) from its British subsidiary to the large Spanish bank.
The final price is expected to rise to 2.9 billion pounds by including profits that should flow until the completion of the transaction, scheduled for the first quarter of next year.
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Investors will vote for sale at Sabadell’s shareholders’ assembly on August 6. The bank is proposing the payment of dividends in cash to shareholders in the amount of euro per share after the closing of the business. This would pay about 2.5 billion euros in total.
“TSB is a truly special bank, run by a first-class team that offers reliable services and support to customers, day after day. Today’s announcement represents the next exciting chapter for this successful business, as part of the Santander Group, a highly renowned banking group,” said TSB CEO Marc Armengol.
