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Natwest has chosen the British High Street Bank TSB from the bid and eliminated one of the leading competitors from a sales process, which was expected to make some of the country’s largest lenders interested.
The formerly state bank has decided not to take the retail seller in Sabadell, and, according to three, do not actively offer people familiar with the matter.
Natwest’s decision not to make an offer for TSB confirmed a financial report report that it worked with consultants to check the unloading of the British bank for unsolicited approaches. The offers are due until June 27, the FT reported before.
Barclays and Santander are among the bidders who, according to the people familiar with the process, make an offer for the retail bank.
Natwest rejected a statement. It ended up expanding more aggressive since it returned Private ownership at the end of MayWith the managing director Paul Thwaite, he signaled that he was on the front foot when it came to acquisitions.
The British bank this year made an £ 11 billion approach for Santander Financial Times previously reported for the British retail business, but was rejected by the Spanish bank.
Thwaite told the investors at a Goldman Sachs conference last week that the bank was “very disciplined” in its approach in acquisitions and had a “very high financial bar” and a “very high operational bar” for dealmaking.
The fate of TSB was questioned last year as Sabadell, who bought the UK Lloyds Banking Group lender in a 1.7 billion GBP deal in 2015 – tries to ward off an enemy takeover offer of € 11 billion from its domestic rival Bbva.
TSB has about 5 million customers in Great Britain and last year recorded input tax profits of 285 million GBP. At the end of 2024 it had £ 46.bn of assets.
The change of ownership of the British High Street Lender were not always smooth. As TSB 2018 from the former owner Lloyds’ Legacy Infrastructure to Sabadell’s IT system passed over On the left 2 million customers are temporarily locked up from their accountsthe bank costs 49 million GBP in fines.
Sabadell refused to comment.
Additional reporting from Barney Jopson in Madrid
