The board of Spanish lender Banco de Sabadell has turned down the offer made by Co-operative Bank to buy its British subsidiary TSB Bank.
Sabadell’s board said that “this is not a transaction that we wish to explore at this moment as we have previously expressed publicly”, Reuters has reported.
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Sky News reported that the Co-operative Bank was willing to pay over £1bn for Sabadell’s UK subsidiary.
After media reports emerged that Sabadell has rejected the offer, Co-operative Bank confirmed that it had shown interest in buying TSB Bank but it did not lead to a discussion.
“The bank confirms that such letter was sent but that no discussions in relation to a potential transaction are currently taking place between the Bank and Sabadell”, the Co-operative Bank said in a statement.
Co-operative Bank CEO Nick Slape said: “Our unique brand, underpinned by co-operative values and ethics and the significant progress we have made in returning our Bank to profitability is a testament to the hard work of our colleagues and the loyalty of our customers – which we continue to place at the heart of all our decisions.”
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By GlobalDataLast week, Sabadell reached an agreement with the workers union to reduce the number of redundancies in its home market.
Initially, Sabadell had planned to lay off nearly 1,900 employees as part of a drive to reduce costs.
In November 2020, Sabadell and BBVA terminated their merger negotiations as they could not reach an agreement over the price.
