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Diari de Catalunya

Banco Sabadell Completes TSB Sale to Santander for €3.3 Billion

The €3.3 billion transaction allows the Vallès-based entity to distribute an extraordinary dividend of 50 cents per share on May 29.

Euro and British pound sterling coins, symbolizing an international financial transaction.
IA

Euro and British pound sterling coins, symbolizing an international financial transaction.

Banco Sabadell has finalized the sale of its British subsidiary TSB to Santander for 3.3 billion euros, an operation that concludes after receiving the relevant authorizations and will result in an extraordinary dividend for its shareholders.

The entity, headquartered in Sabadell, announced this Friday to the National Securities Market Commission (CNMV) the completion of the transaction, which had been proposed last July. The initial purchase price was set at 2.650 billion pounds (approximately 3.050 billion euros), but the final cash amount has risen to 2.860 billion pounds (about 3.3 billion euros).
To this figure has been added the tangible net asset value (TNAV) generated by TSB until the closing of the operation, which amounted to 213 million pounds (about 242 million euros). This sale brings Banco Sabadell more than 400 basis points of capital and a capital gain slightly exceeding 300 million euros, once all impacts derived from the transaction have been considered.
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"This is a great operation attractive to all parties. The sale occurs at an opportune moment, allowing for an extraordinary dividend of 50 cents per share and focusing the bank's strategy on Spain, our natural market."

a spokesperson for Banco Sabadell
Thanks to this capital gain, Banco Sabadell will be able to remunerate its shareholders with an extraordinary gross cash dividend of 50 euro cents per share, which will be paid on May 29. This measure is part of the shareholder remuneration policy, which, including other dividends and share buybacks, foresees a total of 6.450 billion euros between 2025 and 2027.
Banco Sabadell acquired TSB in 2015 for 1.7 billion pounds. Since then, the British subsidiary has increased its loan book from 26.4 billion to 36.3 billion pounds by the end of 2025, improving its efficiency ratio and profitability. Over this decade, Banco Sabadell has received more than 600 million euros in dividends from TSB.
With this operation, Banco Sabadell commits not to compete in the British market for the next 24 months, focusing its strategy on the Spanish market. However, it will maintain its branch in the United Kingdom to support companies in their international businesses and will continue to operate through the corporate banking division (CIB).

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