Shareholders in Spanish bank vote to sell TSB, a British subsidiary of Sabadell, to Santander

Banco Sabadell shareholders have unanimously approved the sale of British subsidiary TSB to Santander for €3.1 billion, plus a €2.5 billion dividend. The decision received 99.6% support with record 74.8% attendance since 2004, involving over 90,000 shareholders.

Chairman Josep Oliu insisted the TSB sale would proceed regardless of BBVA's takeover bid, allowing Sabadell to return excess capital and focus on Spain. He warned that shareholders accepting BBVA's offer would not receive the €0.50 per share TSB dividend payable in 2026.