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TSB unlikely to attract big banks desperate to grow

The Observer

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June 22, 2025

As a takeover approach for TSB is expected to kick off a long-awaited consolidation of Britain's mid-tier banks, the question is not so much who but why.

- Andrew Cave

The players are fairly evident. The 175-branch TSB, acquired by Banco Sabadell for £1.7bn in 2015, could be made available to allow the Spanish bank to focus on fighting a £9bn hostile bid from its domestic rival BBVA.

Barclays and Spain's Santander are among the bidders considering an offer. NatWest, free of its Treasury shackles after the British government sold its remaining stake last month, has ruled itself out.

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