Banco Sabadell has completed the transfer of the British entity TSB to Banco Santander for 2.863 billion pounds (3.319 billion euros), after obtaining all the necessary authorizations from supervisors and regulators, as the Catalan entity communicated this Friday.
The final amount of the operation amounts to the 2,650 million pounds (3,072 million euros) initially agreed, to which are added 213 million pounds (247 million euros) of net tangible value generated since the transaction was announced.
"We have closed a very relevant operation for the British financial sector. TSB is today a success story in the United Kingdom thanks to the excellent work that the entire team has developed in recent years," stated the until now CEO of TSB and future CEO of Banco Sabadell, Marc Armengol.
In recent days, Santander had already announced that it had the regulators' approval for the purchase and that the closing was imminent. The other major transaction underway, the acquisition of Webster in the United States, is still planned for the third quarter of the fiscal year.
With the sale already executed, Sabadell has confirmed that it will proceed to distribute among its shareholders the 'macrodividend' associated with the operation, as it had announced. The payment will be 0.50 euros per share and will take place on May 29.
This extraordinary dividend, added to the entity's ordinary payments and share buyback and redemption programs, will raise total shareholder remuneration to 6.45 billion euros in the 2025-2027 period.
The divestment reports to Sabadell a capital improvement of 400 basis points, although this impact will moderate once the dividend becomes effective. In addition, the entity has registered an accounting capital gain of 300 million euros after incorporating all the effects of the operation.
Banco Sabadell took control of TSB in 2015. Since then, the volume of credit has gone from 26.4 billion pounds (30.607 billion euros) to 36.3 billion pounds (42.084 billion euros) at the close of 2025, while the efficiency ratio has been reduced from 80% to 66% and profitability (ROTE) has advanced from 5.3% to 12.6%. In this decade, the Catalan entity has earned more than 600 million euros in dividends from its British subsidiary.
The operation also includes the transfer to Santander UK of other capital instruments and outstanding securities issued by TSB and subscribed by Sabadell, for a total of 1,217 million pounds (1,411 million euros).
Likewise, Banco Sabadell has undertaken with Banco Santander the commitment not to compete in the British retail market during the 24 months following the closing. However, it will retain the branch it maintains in the United Kingdom to support companies in their international activity and will continue to be present in the country through its corporate banking division (CIB).