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Sabadell Looks For More UK Deals after $2.5 billion TSB Acquisition

Banco Sabadell is looking to further expand its presence in Britain after agreeing to acquire TSB for $2.5 billion. The deal is one of the biggest cross border banking transactions since the 2007-09 since the financial crisis.

Sabadell said it plans to grow TSB to take on Britain’s “Big Four”; Barclays, HSBA, Royal Bank of Scotland and Lloyds Banking Group.

Sabadell’s Chairman, Josep Oliu, said Sabadell was attracted to the U.K. because of the strong economy and healthy margins. He said, “The financial sector in the UK has margins that are acceptable, similar to the ones that we have in Spain and higer than the ones we have in other European countries.”