Lloyds buys 1.8% of Banc Sabadell by transferring its Spanish subsidiaries to the Catalan bank
The Catalan Banc Sabadell has bought all the shares in the Lloyds subsidiary companies in Spain: Lloyds Bank International and Lloyds Investment. Banc Sabadell paid €84 million that will be paid through giving 53.75 million shares in the Catalan bank to the British banking giant. This way, Lloyds will control 1.8% of Banc Sabadell’s total shares. The agreement foresees than the UK group will become a “stable shareholder”, since Lloyds has committed to keeping the stocks for at least two years. With the operation, the Catalan bank will control the Lloyds retail and investment businesses in Spain, where the UK company has 28 branches, €1.79 billion in loans and €760 million in deposits.