The UK's Prudential Regulation Authority has green-lighted Spanish bank BBVA to take indirect control of Sabadell's British subsidiary TSB, BBVA said on Tuesday.
Source: Sharecast
The approval is one of the regulatory approvals needed for BBVA to complete its €12bn bid for Sabadell, "since TSB would become part of BBVA", the Spanish lender said in a statement.
BBVA added that it had received approval for the deal from authorities of several countries where Banco Sabadell has a presence, including the US, France, Portugal and Morocco.
Reporting by Frank Prenesti for Sharecast.com
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