Sabadell Shareholders Unanimously Approve TSB Sale in Strategic Win
The move allows the Spanish bank to focus on domestic growth and paves the way for a €2.5 billion special dividend to reward investors.
MADRID – Sabadell shareholders delivered a resounding vote of confidence in the company’s strategic direction on Wednesday, unanimously approving the sale of its British unit, TSB, to rival Santander. The deal is seen as a pivotal step in strengthening the bank and delivering significant value back to its investors.
The all-cash transaction, valued at an initial £2.65 billion (US$3.64 billion), represents a successful and strategic divestment for Sabadell. The move is a key part of the bank’s defense against an unsolicited takeover bid from BBVA, allowing Sabadell to chart its own course.
Sabadell Chairman Josep Oliu told shareholders that the sale provides a clear strategic benefit, enabling the bank to sharpen its focus on its more profitable home market in Spain, “where the bank has a greater growth capacity.”
In a direct win for investors, Sabadell plans to distribute the majority of the proceeds from the sale back to its shareholders. The board has proposed a special dividend of €2.5 billion, a move that underscores the company’s commitment to returning value to those who support it.
The unanimous approval of the sale highlights strong alignment between the bank’s management and its shareholders on a forward-looking strategy that prioritizes domestic strength, profitability, and direct shareholder returns.
