By Mark Kleinman, City Editor
One of Spain's biggest banking groups is in talks to buy TSB, the UK's seventh-biggest high street lender, less than 18 months after it became an independent entity.
Sky News can exclusively reveal that Banco de Sabadell, which would become the latest Spanish lender to establish a presence in Britain's banking sector, is planning to make a formal offer for TSB Banking Group plc.
The Spanish lender has approached the board of Lloyds Banking Group, which still holds 50% of TSB but is required to divest of its remaining stake by the end of this year.
A deal with Banco Sabadell 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 bail-out.
It was unclear exactly what price Banco Sabadell was planning to offer for TSB, shares in which were trading at 264.2p on Thursday morning, giving it a market value of just over £1.3bn.
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
Goldman Sachs is understood to be acting for Banco Sabadell on the talks.
Lloyds declined to comment while TSB could not be reached for comment.
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