![]() It has grown rapidly since the banking crisis to become the fifth largest bank in Spain and has ambitions to expand further in the UK. Lloyds sold a near 10% stake in TSB to Sabadell and pledged to sell the remaining 40% shareholding to the Spanish bank which was created in 1881 by 127 families in Catalonia. TSB’s shares ended just below the offer price at 334p while shares Lloyds - just under 23% owned by taxpayers - rose 1% to 80p. Lloyds’ plans to sell TSB to Co-op collapsed in 2013 and it resorted to a flotation last June, when the shares were sold at 260p. It was revived as a separate brand after the EU demanded Lloyds Banking Group spin off 631 branches as a condition of its £20bn bailout by taxpayers in 2008. The deal marks the latest chapter in the history of the former Trustee Savings Bank which was bought by Lloyds 20 years ago. “The unions have nothing to worry about, this is about growing TSB, this is about using the extra firepower that Sabadell brings to TSB to expand not only our retail presence but potentially get us into the small business market,” he said. Paul Pester, the boss of TSB, who is remaining in the job following the takeover, said that no more than five roles – all in investor relations – would be affected at the bank, which has 631 branches and 4.6m customers. Banco Sabadell will talk the talk about growth opportunities, value creation and enhanced revenue streams, but when you separate the wheat from the chaff, it will all come down to money,” said Mark Brown, union general secretary. ![]() “If there is one iron law when it comes to takeovers, it’s that staff costs are the first costs that are put under microscope. The union that represents half of the bank’s 8,700 staff, the TSBU, immediately sought assurances from management.
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