Banco Sabadell and TSB agree takeover deal

Banco Sabadell and TSB have reached agreement on a £1.7 billion takeover by the Spanish bank.

Banco Sabadell has agreed a deal to takeover British bank TSB. Credit: PA Wire

The deal will see shareholders in the bank receive 340p per share.

Lloyds Banking Group has agreed to sell its 50% share.

TSB chief executive Paul Pester will continue in his current role.