1109 GMT - The most likely acquirer of Sabadell's U.K. unit TSB is NatWest, RBC Capital Markets says in a research note after the Spanish bank confirmed interest in the unit. Analyst Benjamin Toms calculates that the division could fetch a sale price of 2.6 billion pounds and that NatWest wouldn't need to raise capital. "At this level, we think that investors should broadly like this transaction. TSB is simple and the right size, which should keep execution risk low," he writes. Selling TSB would be a defensive play for Sabadell, which is trying to fend off a hostile takeover offer from larger peer BBVA which could be scuppered by such a move, Toms adds. The sale wouldn't be straightforward as it would need shareholder and regulatory approvals, he notes. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 17, 2025 07:10 ET (11:10 GMT)
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