18th Jun 2025 21:58
(Alliance News) - NatWest Group PLC has ruled itself out of bidding for UK high-street bank TSB Banking Group PLC, the Financial Times reported on Wednesday.
The formerly state-owned bank has decided not to pursue an acquisition of the Banco de Sabadell SA owned retail lender, and is not actively bidding for it, according to FT sources.
On Tuesday, Sabadell, the Catalonia-based lender, said it had received "preliminary non-binding expressions of interest" for TSB from unnamed bidders, and will assess any potential binding offer.
"Any transaction would be subject to the satisfaction of all legal obligations," the bank added.
Sabadell acquired TSB from Lloyds Banking Group PLC for GBP1.7 billion in 2015. At the time, the lender wanted to expand outside Spain.
However, the bank, founded in 1881, has been locked in a prolonged takeover battle with Banco Bilbao Vizcaya Argentaria SA for more than a year, casting uncertainty over TSB’s future.
Other potential bidders for TSB include Barclays PLC, the UK arm of Banco Santander SA and HSBC Holdings PLC.
Earlier on Wednesday, Sky News said Santander has approached its fellow Spanish banking group about a takeover of TSB.
But Sky sources said Santander had not tabled a formal offer for TSB, and was not certain to do so.
Shares in NatWest closed up 0.8% at 522.00 pence each in London.
By Jeremy Cutler, Alliance News reporter
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