BBVA Gets UK Approval for Takeover of Sabadell's TSB

Green Light for Spanish Banking Giant's Expansion in Britain

Deal Set to Boost BBVA's UK Market Share

BBVA, the Spanish banking giant, has secured approval from the UK's competition watchdog for its acquisition of Banco Sabadell's British subsidiary, TSB.

The deal, announced in November 2022, is expected to close in the first half of 2023, subject to customary closing conditions.

Once completed, the acquisition will give BBVA a significant boost in the UK market, where it currently has a limited presence. TSB is the sixth-largest bank in the UK by market share, with around 5.2 million customers and a strong branch network.

The acquisition is part of BBVA's strategy to expand its international presence and grow its market share in key markets.

BBVA is one of the largest banks in the world, with operations in over 30 countries and over 86 million customers.

Sabadell is a Spanish banking group with a presence in over 15 countries, including the UK through TSB.