By Mark Kleinman, City Editor
The Spanish banking group Banco Sabadell has confirmed that it is in talks about a takeover of TSB, a deal that would catapult it into the ranks of Britain's biggest high street lenders.
The boards of the two banks issued a joint statement confirming Sky News' exclusive disclosure that they were in discussions about a deal.
A takeover would be pitched at 340p-a-share, giving TSB a value of around £1.7bn, and would be among the most significant UK banking takeovers since the financial crisis.
In their statement, the two banks said: "The boards of TSB and Banco de Sabadell SA ("Sabadell") note the recent media speculation.
"The board of TSB confirms that it has received a preliminary proposal from Sabadell which may or may not result in a formal offer for the entire share capital of the Company."
TSB has agreed to recommend an offer at that price, subject to certain terms and conditions, and the willingness of Lloyds Banking Group, which owns 50% of TSB, to give an irrevocable undertaking to sell its remaining stake.
"Based on preliminary discussions, the board of TSB believes that Sabadell could support and accelerate TSB's retail growth strategy and accelerate the expansion of TSB's presence in the SME sector.
"Sabadell recognises the achievement of TSB's management and employees and would continue to operate TSB as a robust competitor in the UK banking market, building on the TSB brand name."
A deal would come during a Competition and Markets Authority inquiry into the personal current account and SME banking sectors.
The boards' statement added: "Sabadell is a strong competitor in its home market and has developed a successful international presence in the US.
"Sabadell believes that the current banking industry dynamics and macro-economic environment make the UK an attractive market for future investment.
"Sabadell anticipates that under its ownership, TSB would be able to further enhance its growth strategy and efficiency, benefitting from Sabadell's resources, experience gained in the Spanish banking market and SME lending as well as its track record of successful business and IT integrations.
"Sabadell believes that the two companies share similar values and customer commitment."
Insiders said that discussions between TSB and Sabadell had been taking place for several weeks.
A deal would provide Lloyds with a clean exit, handing it a further boost just weeks after it was given the green light to pay a dividend for the first time since its 2008 taxpayer bailout.
A takeover of TSB would be the latest chapter in the turbulent recent history of the bank, which is run by Paul Pester.
Comprising 631 branches, the European Commission ordered their sale in return for the state aid received by Lloyds at the height of the financial crisis.
The network, codenamed Project Verde, was to be sold to the Co-operative Group but that deal collapsed after the emergence of a £1.5bn hole in the Co-op Bank's balance sheet.
Lloyds and TSB are likely to come under pressure to make stock exchange announcements confirming the talks following Sky News' disclosure of the proposed deal.
Lloyds and Banco Sabadell have an existing relationship, with the UK lender having offloaded its retail banking operations in Spain to Sabadell in 2013.
Goldman Sachs is acting for Banco Sabadell on the talks, while Citi and Rothschild are acting for TSB.
TSB's share price rose 27% following confirmation of the talks.
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