BBVA is currently considering whether to move forward with its bid as Banco Sabadell deliberates the potential sale of its British subsidiary, TSB. This decision comes amidst evolving market conditions and various strategic options both banks are assessing. BBVA has stated that all options are on the table, including the possibility of withdrawing its bid or appealing to different strategic considerations.
Banco Sabadell is evaluating its options regarding TSB, which it acquired in 2015.
Bidding strategies amid TSB sale
Among the suitors for TSB is Santander, sources say.
Analysts from Citi believe that the conditions set by Madrid will not hinder BBVA’s potential bid. The primary focus for BBVA in the decision-making process is the impact on cost savings, a crucial aspect of the potential acquisition. Reporting by Jesús Aguado, with additional reporting from Emma Pinedo, Lawrence White, Amy-Jo Crowley, and Andres Gonzalez in London.
Editing by David Latona, Elaine Hardcastle, and Mark Potter.