Sabadell is actively assessing offers for its UK banking division, TSB, amidst a struggle against a significant takeover bid from BBVA. The bank has received initial non-binding interest from potential buyers for TSB, which has over 5 million customers and a history marred by an IT crisis in 2018. Acquired for 1.7 billion from Lloyds Banking Group, Sabadell is navigating challenges from the prolonged takeover battle with BBVA, raising questions regarding TSB's future stability and management as new CEO Marc Armengol steps in.
Sabadell is considering selling its UK division, TSB, in light of potential buyers emerging amid a hostile approach from its rival, BBVA.
After acquiring TSB for 1.7 billion a decade ago, Sabadell is now facing uncertainties related to BBVA's takeover battle, impacting TSB's future.
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