18th May 2015 16:14
LONDON (Alliance News) - Spain's Banco De Sabadell SA Monday said its acquisition of TSB Banking Group PLC has received clearance from the European Commission.
"Sabadell is pleased to announce that it has today received clearance under the EU Merger Regulation from the European Commission, meaning that the Condition relating to European Commission clearance has now been satisfied," the company said.
Sabadell is buying TSB for GBP1.7 billion.
Lloyds Banking Group had been tasked by the European Commission with selling off TSB by the end of 2015, after requiring a GBP20 billion bailout paid for by UK taxpayers in the financial crisis. Lloyds agreed to sell its remaining 50% stake in the lender after floating half on the London Stock Exchange in June 2014.
The offer became unconditional earlier this month.
By Samuel Agini; [email protected]; @samuelagini
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