October 14, 2019 / 11:10 AM / a month ago

TSB plans to present new strategic plan by end of November

MADRID (Reuters) - TSB, the British unit of Spanish lender Banco Sabadell (SABE.MC), is working towards presenting its new strategic plan by the end of November, Jaime Guardiola, the chief executive of the Spanish parent said on Monday.

Sabadell bought TSB for 1.7 billion pounds ($2.25 billion) in 2015 to expand into Britain and challenge incumbent retail banks. But economic uncertainty linked to Brexit, low interest rates and costly IT troubles at TSB have made life tough for the bank.

Reporting By Jesús Aguado; editing by Clara-Laeila Laudette

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