Lloyds Banking Group has taken another step in its fightback from the financial crisis by off-loading TSB for Pounds 1.7billion.
Lloyds says the sale of TSB, which it was forced to sell in return for its taxpayer bailout, has now received all watchdog clearances. It effectively completes the sale of the group's remaining 40.01% stake in TSB to Spanish bank Banco de Sabadell for about Pounds 680million.
TSB chief executive Paul Pester said: "With the extra firepower and fresh perspective of Sabadell, TSB will be stronger and even better placed to build on its position as Britain's challenger bank."
Sabadell is buying TSB as part of a drive to expand in countries including the UK. After the TSB deal, 22% of Sabadell's assets will be outside Spain, compared to 5% at present. Sabadell chairman Josep Oliu said: "This enables us to enter a market with vast opportunities."
TSB is the seventh largest retail banking group in the UK by branch network.
With more than Pounds 21.4bn in loans, the bank has sites in more than 600 towns and cities, has 8,700 staff and 4.7 million customers.
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