December 7, 2018 / 11:28 AM / 3 days ago

Spain's Sabadell has no plan to sell TSB, wants it to acquire assets

MADRID (Reuters) - Spain’s Sabadell (SABE.MC) has no plans to sell its TSB unit and wants the bank to start buying other assets once it has cleared up the fallout from an IT meltdown, a spokesman for the Spanish group said on Friday.

Chairman Josep Oliu said on Thursday Sabadell wanted TSB to begin “a process of consolidation” in Britain, prompting speculation it could look to sell the business.

But a Sabadell spokesman said on Friday that TSB “is an essential part of Sabadell’s core plan... so an eventual sale is pointless.”

Reporting by Tomás Cobos, writing by Isla Binnie

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