Lloyds completes TSB sale

30th Jun 2015 12:48

Lloyds has confirmed that Banco de Sabadell SA's takeover for TSB Banking Group has become unconditional after receiving regulatory approval from the Bank of England.In a statement released on Tuesday, Sabadell said the Prudential Regulation Authority had given the green light to the deal, which values TSB at approximately £1.7bn.The Spanish lender has already taken control of a 9.9% stake in the British bank, whose shares are set to be cancelled from the London Stock Exchange at the end of next month, and has received valid acceptances for approximately 87.99% of TSB.Lloyds, which sold the initial 9.9% stake to Sabadell earlier this year, said it had completed the disposal of its remaining 40.01% for approximately £680m.Lloyds shares were up 0.10% to 85.96p at 14:07 on Tuesday.