Britain’s Prudential Regulation Authority approves BBVA’s bid to take indirect control of TSB as part of its €12 billion offer for Sabadell, moving the Spanish bank closer to its acquisition goal.
Bollywood Fever: Britain’s Prudential Regulation Authority (PRA) has granted approval for BBVA to take indirect control of TSB, the British subsidiary of Spain’s Sabadell, BBVA announced on Tuesday.
This authorization marks a significant step in BBVA’s over €12 billion bid to acquire Sabadell, as TSB would become part of BBVA if the acquisition proceeds.
The green light from the PRA is one of several regulatory approvals BBVA must secure to complete the deal.
In May, Sabadell rejected BBVA’s all-share offer, leading Spain’s second-largest bank to adopt a more aggressive approach in its pursuit of the country’s fourth-largest lender, following a previous failed attempt in 2020.
BBVA has already received approval for the transaction from authorities in multiple countries where Banco Sabadell operates, including the United States, France, Portugal, and Morocco.
However, the deal still requires authorizations from the European Central Bank, Spain’s stock market supervisor, and the country’s antitrust watchdog, CNMC.
The successful acquisition of Sabadell would significantly expand BBVA’s footprint in the European banking landscape, further solidifying its position as one of Spain’s leading financial institutions.
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