UK bank TSB, which was formerly owned by Lloyds has agreed a 1.7 billion sterling takeover by Spanish bank Sabadell. <br /><br /> The takeover comes less than a year after TSB rejoined the stock market when Lloyds Banking Group sold off 50 percent of the business. Sabadell’s 340 pence share offer is 4 percent above TSB’s Thursday close. <br /><br /> The price is 29 percent above the level at which investors valued the TSB business on March 11 before Sabadell stepped in. <br /><br /> The deal needs approval from several authorities but TSB said if the takeover goes ahead Sabadell would continue to, “operate TSB as a robust competitor in the UK banking market.”
