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Banco Sabadell to formalise bid for TSB

Sharecast

LONDON (ShareCast) - Spain's Banco Sabadell agreed to formalise the bid for TSB Banking Group valued at approximately £1.7bn, kicking off the acceptance period by the shareholders of the British bank. Josep Oliu's Sabadell will have to undertake a capital increase of €1.6m (£1.15m) in order to fund this operation. This increase will be carried out through the issuance of a number of shares that has yet to be established.

Nevertheless, the bank stressed that this increase will not be linked to the performance or success of the bid to acquire TSB Banking Group shares and, therefore, the resulting profits could be used for any other corporate transaction as well as for any other purpose Sabadell could consider appropriate.