Santander agreed to purchase the British TSB on the TSB street for 2.65 billion pounds, in a move confirming the Spanish lender’s commitment to retail business in the United Kingdom a few months after entertainment for bids for unity.
The bank defeated the British Barclays competitor, who also made an official offer to the SABADELL owned unit, according to the people familiar with the matter.
SABADELL, who bought TSB in 2015, is seeking £ 1.7 billion, to hunt a hostile approach worth 11 billion euros from its local opponent BBVA.
Santander last year Entertaining bids from Both NatWest and Barclays for the UK retail arm, but ultimately rejected offers due to differences on the price.
This is a developing story
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