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tsb takeover

In Europe 11th October 2024

FCA fines TSB, Sabadell’s British subsidiary, for unfair treatment of customers with problems

The Financial Conduct Authority (FCA) has fined TSB, the British subsidiary of Banco Sabadell, £10.91 million (around €13.04 million) for “unfair” treatment of customers struggling to meet their loans, primarily mortgages. According to the FCA, TSB Bank “failed to ensure that customers in arrears were treated fairly.” “It also lacked the proper controls and systems to ensure good outcomes,” it adds. The issues occurred between June 2014 and March 2020….

Sabadell

Ibex, Markets 16th May 2018

Sabadell is starting to stabilise

Société Générale |The situation seems to be calming down in TSB and there is more visibility. The IT problems and the negative PR will have an impact on the UK franchise, which we hope will be profitable this year. It looks like Sabadell is beginning to stabilise now, we expect a more limited impact from 2019 and reiterate our Neutral stance.

 

Sabadell

Companies 23rd March 2015

Sabadell / TSB –accretion dependent on cross-border cost synergies

LONDON | Guest comment by Barclays | The financial success of Sabadell’s offer to acquire TSB hinges on its ability to cut TSB’s costs by 20% almost exclusively by migrating it onto a new IT platform, in our view. This looks a challenging aspiration to us and while Sabadell has successfully integrated domestic Spanish acquisitions at some speed, cross-border integration onto the Spanish platform is largely untested and faces the challenges of a different regulatory framework and different product design. It clearly helps that Lloyds will pay for the integration spend but we believe that meeting the near-term target of EPS neutrality will require a relatively quick delivery of the cost savings.