The Boards of Directors of Sabadell S.A (Sabadell) and TSB Banking Group PLC (TSB) are pleased to announce that they have reached agreement on the terms of a recommended cash offer for TSB by Sabadell pursuant to which Sabadell will acquire the entire issued and to be issued share capital of TSB (the Offer).
Commenting on the Offer, Will Samuel, Chairman of TSB, said:
"Since the IPO, TSB has pursued a strategy focused on growing its share of personal current accounts, accelerating asset growth through re-entering the intermediary mortgage channel and providing the kind of banking that people want. The offer from Sabadell represents a significant endorsement of TSB's progress since its IPO and provides TSB shareholders the opportunity to receive today in cash the value that would otherwise be unlocked over time as TSB executes its strategy."
Commenting on the Offer, Paul Pester, Chief Executive Officer of TSB, said:
"Since its launch on high streets across Britain in September 2013, TSB has been successful in attracting new customers and establishing itself as Britain's challenger bank.
Today's offer by Sabadell to acquire TSB is a real vote of confidence in TSB, our 8,700 employees and the straightforward, transparent approach we're bringing to banking in the UK.
With the support of Sabadell, TSB will benefit from the full capabilities the wider group will have to offer enabling us to accelerate our competitive capabilities even further.
I'm looking forward to working with Sabadell to continue to bring great banking to consumers across Britain, accelerate the expansion of our services to business customers and to continue to bring more"
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