The planned takeover of U.K. bank TSB provides an opportunity to move into the British market, the chairman of Spain's Sabadell bank said Friday, although he declined to say whether other banks were on its shopping list.
British bank TSB said earlier on Friday it had agreed to be taken over by Banco Sabadell, Spain's fifth-biggest bank, in a deal which values the business at 1.7 billion pounds ($2.5 billion).
"We like the U.K. and U.K. markets and we saw a good bank with good margins. We've seen an opportunity with TSB," Sabadell Chairman Josep Oliu told CNBC, adding that TSB's strong branch network was a big draw.
Lloyds Banking Group, which holds a 50 percent stake in TSB, said it had agreed to sell a 9.99 percent shareholding to Sabadell and had given an irrevocable undertaking to sell the remainder of its stake to the fifth largest Spanish bank.