BBVA Maintains Sabadell Takeover Bid Despite TSB Sale

BBVA has confirmed it will continue its takeover bid for Banco Sabadell despite the latter's sale of its UK subsidiary, TSB Banking Group, to Banco Santander. This decision follows the review of Sabadell shareholders' resolutions and reflects BBVA's strategic commitment to the acquisition, which aims to strengthen its position in the Spanish banking sector. The bid remains valid in accordance with applicable regulations, and BBVA expects to update the market once it receives approval of the prospectus from the National Securities Market Commission. The move comes amid regulatory and political challenges but underscores BBVA's determination to complete the deal. Sources from BBVA indicate the bank is preparing to provide further information in early September after regulatory clearance. Overall, BBVA's persistence in this hostile takeover highlights its ambition to consolidate its influence in Spain's banking industry.