Banco Sabadell, sixth largest banking group in Spain by assets has announced its acquisition of Lloyds’ two Spanish subsidiaries, Lloyds Bank International S.A.U and Lloyds Investment España SGIIC S.A.U.
The two banks have signed an agreement where by Banco Sabadell will be responsible for Lloyds’ retail and private banking and mutual funds businesses in Spain.
Go deeper with GlobalData
The sale, a £1.5bn transfer of assets, will cost Banco Sabadell 84m, this will be paid in the form of Banco Sabadell stock shares (1.8% of the bank) that Lloyds will hold for at least two years.
Banco Sabadell previously acquired non-residential bank NatWest in Spain in 1996.
It has been reported that Lloyds estimate a £250m loss as a result of the sale.
Last week Lloyds was dealt a blow as the Co-operative Bank pulled out of a £750m branch deal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRelated articles:
Co-op pulls out of deal to purchase Lloyds branches
Lloyds reports improving results
