Latest news with #AnaBotin
Yahoo
3 days ago
- Business
- Yahoo
Santander Eyes TSB Acquisition as Banco Sabadell Explores Sale of UK Arm
Banco Santander (NYSE:SAN) is one of the best-performing NYSE stocks to buy now. On June 18, Santander approached Banco Sabadell, which is Spain's fourth-largest bank, regarding a potential takeover of its UK retail arm called TSB. The move comes after Sabadell confirmed receiving multiple expressions of interest for TSB, which it acquired from Lloyds Bank in 2015 for £1.7 billion. TSB originated as the Trustee Savings Bank in Dumfriesshire in 1810 and currently serves 5 million customers across the UK and holds a mortgage book valued at over £33 billion. Santander has not yet made a formal offer and may still withdraw from the bidding process. If a deal is struck, the acquisition of TSB would support Santander's UK retail banking business, which currently serves ~14 million customers across its roughly 350 UK branches. A view of a large corporate office building, illuminated at night to show its power and reach. The potential expansion follows earlier speculation that Santander might exit Britain, which is a notion strongly denied by Santander's Chief Executive, Ana Botin, who affirmed in January that the lender would remain in the UK into the future. Last month, Santander also rejected an £11 billion offer from NatWest for its own UK banking arm. Banco Santander (NYSE:SAN) provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. While we acknowledge the potential of SAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Daily Mirror
19-06-2025
- Business
- Daily Mirror
Santander 'eyeing up takeover of rival UK bank' after major firm put up for sale
Sky News has cited City sources who claim that Santander has contacted Banco Sabadell, the Spanish parent company of TSB, about a possible takeover Santander has reportedly approached the owner of TSB about a potential takeover of the UK high street bank. Sky News has cited City sources who claim that Santander has contacted Banco Sabadell, the Spanish parent company of TSB, about a possible takeover. Sabadell confirmed earlier this week that TSB is up for sale and said it had received interest about an acquisition, but did not name who had expressed interest. Sabadell and Santander, also a Spanish bank, have so far declined to comment on the report. TSB has around 175 bank branches in the UK, while Santander has 444 locations, but revealed plans earlier this year to shut 95 branches. The closures will leave Santander with 349 physical sites. Sabadell said: 'Banco Sabadell will assess any potential binding offer it may receive. Naturally, any transaction would be subject to the satisfaction of all legal obligations.' The reports of its interest in TSB come after the executive chairman of Santander denied the high street lender was looking to the UK. Speaking at the World Economic Forum in Davos in January this year, Ana Botin denied said Santander would remain in the UK 'into the future'. She said: 'We love the UK. It's a co-market and will remain a co-market for Santander. Punto [full stop].' The bank has been in the UK since it purchased Abbey National in November 2004. Sabadell is currently in the middle of rebuffing a takeover attempt by Spanish banking group BBVA, a deal which is opposed by the Sabadell board and government in Spain. BBVA has launched an €11billion (£9.4billion) move to take control of Sabadell. It comes a decade after Sabadell bought TSB for £1.7billion in the UK, a year after Lloyds had spun off TSB in a stock market float. TSB recently reported a £101million pre-tax profit in the first quarter, nearly double what it made a year ago. Meanwhile, Santander has reported pushed back bids from NatWest and Barclays to buy its UK retail bank. The Mirror has recently published a list of banks closing in June. There were 79 bank branches set to close for good this month, including 16 Lloyds branches, 15 Halifax, 24 Natwest, 23 Santander, and one TSB. According to a report from the consumer group Which?, banks and building societies have closed over 6,300 high street branches at a rate of 53 per month over the last decade. This represents 64% of the branches which were open back in 2015. Banks say the decline in high street branches has been driven by a rapid increase in online and mobile banking, and a rapid decline in the use of physical branches.
Daily Mail
18-06-2025
- Business
- Daily Mail
Santander eyes TSB takeover after rival Sabadell puts the British lender up for sale
Santander has reportedly approached Spanish rival Sabadell about a takeover of British lender TSB. Sabadell has put TSB, which has 175 UK branches, up for sale and said it had received preliminary expressions of interest. Sky News reported Santander was among them, despite persistent speculation that its own UK network is also for sale. Its interest appears to imply that Santander boss Ana Botin is open to expansion here. Analysts see UK-listed NatWest as the most likely buyer for TSB after the Treasury sold its last stake in the bank last month. Sabadell put TSB up for sale as it fights off Spanish lender BBVA's £9billion hostile takeover approach. Hugo Cruz and Ban Maher, analysts for KBW Europe, said it would 'make sense for Sabadell to consider its options' with TSB having 'limited synergies with the rest of the group'. A report in the Financial Times that TSB could be sold for £1.7billion to £2billion might be 'too low' for Sabadell, which bought it for £1.7billion in 2015, the analysts said.
Yahoo
18-06-2025
- Business
- Yahoo
Santander approaches TSB-owner about high street banking merger
Santander has approached its fellow Spanish banking group Sabadell about a takeover of TSB, its British high street bank. Sky News has learnt that Santander is among the parties which have expressed an interest in a potential deal, months after its boss denied that it was seeking to offload the UK's fifth-largest retail bank. City sources said on Wednesday that Santander had not tabled a formal offer for TSB, and was not certain to do so. Money latest: However, the fact that it has contacted Sabadell about a possible transaction involving TSB suggests that Ana Botin, the Santander chair, may be open again to expanding its presence in Britain's high street banking market. The extent of the overlap between the two companies' UK branch networks was unclear on Wednesday morning. Santander, which like other banks has been engaged in an extensive branch closure programme for some time, now has roughly 350 UK branches, while TSB operates roughly half that number. The value that TSB, which was acquired by Sabadell in 2015 from Lloyds Banking Group, might attract in any takeover is also unclear. Sabadell is in the middle of attempting to thwart a hostile takeover by rival Spanish bank BBVA - a deal revealed by Sky News last year - with a disposal of TSB said to be on the cards regardless of whether or not that bid is successful. Ms Botin insisted that the UK remains a core market for Santander in the wake of speculation that she might sanction a sale of the business. The company recently confirmed a Sky News report that Sir Tom Scholar, the former top Treasury official sacked by Liz Truss during her brief premiership, was joining the bank's UK arm as its next chairman. NatWest Group, which recently returned to full private ownership, was reported to have submitted an offer worth about £11bn for Santander UK. No discussions are ongoing about such a deal. NatWest, Barclays and HSBC have also been touted as potential suitors for TSB, although at least two of those three banks are thought to have little interest in bidding. TSB was effectively created from the ashes of the 2008 financial crisis, when a vehicle set up to acquire assets from distressed banking groups lost out in an auction to a bid from the Co-operative Bank. That deal fell through when it emerged that the Co-operative Bank itself was in a perilous financial state. Sabadell explored a sale of TSB about five years ago, but opted to retain the business. Goldman Sachs is thought to be advising Sabadell on the prospective sale of TSB. Read more from Sky News:Inflation slows but no rate cut likelyWestern goods in Russian shops despite sanctionsCo-op discount offer after cyberattack Responding to a report in the Financial Times on Sunday that TSB had been put up for sale, Banco Sabadell said: "Banco Sabadell confirms that it has received preliminary non-binding expressions of interest for the acquisition of the entire share capital of TSB Banking Group plc. "Banco Sabadell will assess any potential binding offer it may receive." Santander declined to comment. The TSB process emerged just hours after Sky News had revealed that Metro Bank, the high street lender, had been approached by Pollen Street Capital, the private equity firm, about a possible takeover. The absence of a statement from either party implies that the approach was rejected and that Pollen Street has abandoned its interest, at least temporarily.
Sky News
18-06-2025
- Business
- Sky News
Santander approaches TSB-owner about high street banking merger
Santander has approached its fellow Spanish banking group Sabadell about a takeover of TSB, its British high street bank. Sky News has learnt that Santander is among the parties which have expressed an interest in a potential deal, months after its boss denied that it was seeking to offload the UK's fifth-largest retail bank. City sources said on Wednesday that Santander had not tabled a formal offer for TSB, and was not certain to do so. However, the fact that it has contacted Sabadell about a possible transaction involving TSB suggests that Ana Botin, the Santander chair, may be open again to expanding its presence in Britain's high street banking market. The extent of the overlap between the two companies' UK branch networks was unclear on Wednesday morning. Santander, which like other banks has been engaged in an extensive branch closure programme for some time, now has roughly 350 UK branches, while TSB operates roughly half that number. The value that TSB, which was acquired by Sabadell in 2015 from Lloyds Banking Group, might attract in any takeover is also unclear. Sabadell is in the middle of attempting to thwart a hostile takeover by rival Spanish bank BBVA - a deal revealed by Sky News last year - with a disposal of TSB said to be on the cards regardless of whether or not that bid is successful. Ms Botin insisted that the UK remains a core market for Santander in the wake of speculation that she might sanction a sale of the business. The company recently confirmed a Sky News report that Sir Tom Scholar, the former top Treasury official sacked by Liz Truss during her brief premiership, was joining the bank's UK arm as its next chairman. NatWest Group, which recently returned to full private ownership, was reported to have submitted an offer worth about £11bn for Santander UK. No discussions are ongoing about such a deal. NatWest, Barclays and HSBC have also been touted as potential suitors for TSB, although at least two of those three banks are thought to have little interest in bidding. TSB was effectively created from the ashes of the 2008 financial crisis, when a vehicle set up to acquire assets from distressed banking groups lost out in an auction to a bid from the Co-operative Bank. That deal fell through when it emerged that the Co-operative Bank itself was in a perilous financial state. Sabadell explored a sale of TSB about five years ago, but opted to retain the business. Goldman Sachs is thought to be advising Sabadell on the prospective sale of TSB. Responding to a report in the Financial Times on Sunday that TSB had been put up for sale, Banco Sabadell said: "Banco Sabadell confirms that it has received preliminary non-binding expressions of interest for the acquisition of the entire share capital of TSB Banking Group plc. "Banco Sabadell will assess any potential binding offer it may receive." Santander declined to comment. The TSB process emerged just hours after Sky News had revealed that Metro Bank, the high street lender, had been approached by Pollen Street Capital, the private equity firm, about a possible takeover. The absence of a statement from either party implies that the approach was rejected and that Pollen Street has abandoned its interest, at least temporarily.
