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Spanish lender Banco Sabadell gets European Union’s nod to acquire British lending firm TSB

Banco Sabadell, the Spanish lender has secured European Union regulatory clearance for its 1.7-billion pound ($2.66 billion) acquisition of British peer TSB to mark its presence in the British market. According to the European Commission, the combined company’s moderate market share and limited overlap did not pose any competition issues. Last year, European Union’s competition regulator ordered Lloyds Banking Group to sell TSB in return for allowing its 20-billion-pound bailout during the financial crisis.

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Banco Sabadell,European Union ,TSB,Lloyds Banking Group