Shareholders of Spanish banking group Sabadell have voted to approve the sale of TSB to Santander after striking a deal worth £2.65 billion.
Some analysts think the sale could make it easier for Sabadell to rebuff a potential hostile takeover bid by rival Spanish group BBVA.
The proposed sale of TSB was passed with 99.6% shareholder approval at an extraordinary general meeting (EGM) on Wednesday, Sabadell said.
It agreed last month to sell the UK bank, saying it aligns with plans to sharpen its focus on Spain where it sees greater potential for growth.
The move is set to create the UK’s third largest bank by the number of personal current accounts.
Sabadell’s chairman Josep Oliu said the proposed sale of TSB was independent of BBVA’s takeover bid and that it would have happened “regardless” because of the “clear benefits to the bank and its shareholders”.
He also said that there had been expressions of interest in TSB from potential buyers since 2021 following a turnaround of the bank.
However, Sabadell has recognised that the move could “impede the success” of BBVA’s bid, which initially valued the banking group at about 12 billion euros (£10.5 billion).
Sabadell’s board has opposed the bid since it was launched last year, saying it has “confidence and conviction in our future as a standalone bank”.
Pablo de la Torre Cuevas, an analyst for RBC Capital Markets, said the sale “seems to be last major effort to convince Sabadell’s shareholders to not accept BBVA’s offer during the upcoming take-up period”.
He said the shareholder approval would “likely further complicate its takeover of Sabadell”, which has already seen the Spanish regulator and government intervene.
Sabadel expects Santander’s acquisition of TSB to complete during the first three months of 2026.
