Press Release: Competition: Commission approves acquisition of TSB by Sabadell; major step in restructuring plan of Lloyds Banking Group

On 18 May 2015, the European Commission approved under the EU Merger Regulation the acquisition of TSB Banking Group plc, a British retail and commercial banking services provider, by Banco de Sabadell, S.A. of Spain.

TSB is a spin-off of Lloyds Banking Group (Lloyds). With the complete divestment of TSB, Lloyds has fulfilled a key measure under its restructuring plan to limit distortions of competition created by the public aid Lloyds received during the financial crisis. Having the backing of a larger banking group like Sabadell will enhance TSB's ability to compete as a challenger bank and stimulate competition in the British retail banking markets, to the benefit of UK consumers.

• Primary Source

ESO: Background information: State aid: Commission approves amendments to restructuring plan of UK bank Lloyds Banking Group http://www.europeansources.info/record/press-release-state-aid-commission-approves-amendments-to-restructuring-plan-of-uk-bank-lloyds-banking-group/

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