Sabadell announces plans to merge or sell TSB Bank

The Spanish financial group, Banco de Sabadell, has announced its intentions to merge or sell its UK-based unit.

The Alicante-headquartered firm will present a strategy for the future of TSB Bank, which has recently faced IT-related issues, Reuters reported.

The plans will focus a turnaround for the firm, which Sabadell will focus on before the eventual merger or sale.

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“The aim is that TSB enters into a process of consolidation in the future in Britain,” Josep Oliu, Chairman of Banco de Sabadell, stated at an event in New York, according to Expansion newspaper.

The bank will focus on its strategy for at least two years before considering the merger or sale, the Chairman revealed.

“We will need at least two years for this. Afterwards we will enter into the consolidation process.”