Oct 25, 2021

Co-op Bank fails in TSB takeover approach

The Co-operative Bank has confirmed that it made an approach to buy rival bank chain TSB, but that no talks had resulted from it. In a statement, it said it had sent a letter to TSB owner Banco de Sabadell "Expressing an interest" in a deal. TSB was bought by Sabadell for £1.7bn in 2015 after a brief spell as an independent bank. The Co-op said that "No discussions in relation to a potential transaction are currently taking place between the bank and Sabadell". Sabadell said on Saturday that its board had rejected an offer from the Co-operative Bank after Sky News first reported the approach.

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