TSB is recommending its shareholders accept a Spanish takeover of the bank, with Lloyds confirming it has agreed a price for its remaining stake.
The announcements clear the way for a deal, first reported by Sky News last week, which will value TSB at £1.7bn as Banco Sabadell will pay 340p-per-share though it remains subject to regulatory clearance.
It means investors who bought the stock at the offer price of 260p when TSB floated nine months ago will receive a 31% premium.
Lloyds stands to net £850m from the 50% of TSB is currently holds but it has agreed to provide £450m in support of transition efforts.
It was required to divest of its remaining stake by the end of this year under a European state aid ruling, imposed because of its taxpayer bailout at the height of the financial crisis.
Lloyds chief executive Antonio Horta-Osorio said: "I am delighted to confirm we have agreed terms for the sale of our remaining stake in TSB to Sabadell.
"This is a significant and positive step for the group and will enable us to meet our commitments to the European Commission, well ahead of its mandated deadline".
The deal with Sabadell provides Lloyds with a clean exit from TSB, 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 rescue as the taxpayer's stake in the group is gradually sold off.
TSB chief executive Paul Pester will continue in his current role under the agreement, which will also see him join the management committee of Sabadell.
He has been in charge of TSB since 2013 and led its separation from Lloyds Banking Group.
The European Commission ordered TSB's split in a move that was code-named Project Verde.
The branches were 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.
Anda sedang membaca artikel tentang
TSB Takeover By Sabadell Moves A Step Closer
Dengan url
http://rumputbirukuning.blogspot.com/2015/03/tsb-takeover-by-sabadell-moves-step_21.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
TSB Takeover By Sabadell Moves A Step Closer
namun jangan lupa untuk meletakkan link
TSB Takeover By Sabadell Moves A Step Closer
sebagai sumbernya
0 komentar:
Posting Komentar