MoneySuperMarket Comments on Banco Sabadell and TSB's £1.7bn Takeover Agreement

20th March 2015

Commenting on Banco Sabadell and TSB's £1.7bn takeover agreement, Kevin Mountford, head of banking at MoneySuperMarket said: "Banco Sabadell's successful takeover bid is recognition of the rapid growth success of TSB since the brand was re-launched in the UK.

It is also a sign that the UK banking market is proving an attractive proposition for investors, especially in comparison to the rest of Europe. While the Spanish banking market remains turbulent, the UK market has seen strong growth in some areas, with TSB being one of the most successful banking brands to launch in recent times. It is therefore no surprise that this deal has come off.

“While it is early days, this takeover is unlikely to impact customers - at least in the short-term. It is likely TSB will remain a UK based entity and continue to be covered by the Financial Services Compensation Scheme (FSCS). However, with Banco Sabadell's investment, TSB can grow further and generate much needed competition, particularly in the retail and SME space."