Investing.com -- Banco Sabadell SA’s British unit TSB has drawn initial interest from potential buyers including Barclays (LON:BARC) Plc and Banco Santander SA (NYSE:SAN), according to a Reuters report on Wednesday.
The banks are in early stages of exploring separate bids for TSB, according to the report. Sabadell confirmed Monday it had received expressions of interest and would consider offers for the business it has owned for ten years.
A potential sale of TSB could strengthen Sabadell’s defense against a hostile takeover attempt by rival BBVA (BME:BBVA) SA by removing a valuable asset from its portfolio.
The discussions are still in preliminary phases, and there is no guarantee they will result in a transaction. Neither potential buyer has made a formal offer at this stage.