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.

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.

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