Major organization : AJUNTAMENT DE
SABADELL (P0818600I)
With completion of the acquisition,
Sabadell United will be merged with and into Iberiabank.
Iberiabank Corporation (NASDAQ: IBKC), the holding company of Iberiabank, has said that it has completed the acquisition of
Sabadell United Bank, N.A.
TSB was spun out from Lloyds Banking Group three years ago and then taken over by Spanish rival Banco de
Sabadell last March.
Lloyds is selling its remaining stake to
Sabadell in a deal which needs the approval of UK regulator the Prudential Regulatory Authority along with the European Commission and shareholders.
Sabadell signalled the possibility of further growth, saying: "The challenger bank market is relatively unconsolidated in the UK and
Sabadell believes that this will create opportunities to further develop TSB's market position over time."
Sabadell. signalled the possibility of further growth, saying: "e challenger bank market is relatively unconsolidated in the UK and
Sabadell believes that this will create opportunities to further develop TSB's market position over time."
Lloyds, which has agreed to sell its 50% stake in TSB to
Sabadell, has pledged to pay the 5% bonus it promised to reward shareholders who kept their original shares for a year.
The downgrade of Banco
Sabadell's ratings takes into account (1) the
Along with the branches, situated in Catalonia and Aragon, Banco
Sabadell will also purchase assets worth EUR 22 billion (USD 28bn) and will add 900,000 customers and 2,000 employees.
As part of the sale, the Spanish Deposit Guarantee Fund (DGF) and the FROB granted three support measures to the banking business bought by Banco
Sabadell: a guarantee on losses stemming from a 24.6 billion loan portfolio; a capital injection of 2.4 billion, on top of the 2.8 billion rescue recapitalisation already received by Banco CAM from FROB; and a contingent grant of up to 0.7 billion, which would be triggered only if, after the acquisition by Banco
Sabadell, Banco CAM could no longer benefit from the accumulated deferred tax assets as of 31 December 2011.
'We're not contemplating any operation, especially not with CAM,' Oliu said, adding that
Sabadell was not looking to assume more real-estate risks other than what it already has.
