TSB will be put back up for sale next year after closing branches and slashing costs

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TSB from Spanish Bank Sabadell . is expected to initiate the formal sales process for

The Mail on Sunday has learned that TSB will be put back for sale next year after branch closures and cost reduction.

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Spanish bank Sabadell – which bought TSB in 2015 for £1.7 billion – is expected to begin the formal sale process in the first half of next year after posting results in February, two sources said.

It is understood that Co-op Bank is still interested in acquiring TSB, although the bank is not in discussions.

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The ethical lender made an astonishing £1 billion bid for TSB in October.

But Sabadell denied this, saying: ‘This is not a transaction we want to explore at this time.’

Earlier, TSB was put up for sale at the end of last year, but was withdrawn in March this year.

TSB has since made changes to reduce its cost base and last week announced the closure of 70 branches, taking its network to 220.

It also said boss Debbie Crosby would leave to become the chief executive of Nationwide. His interim replacement will be Robin Bulloch, Chief Customer Officer.

TSB has long struggled with a large cost base after splitting from Lloyds with 630 branches in 2013.

Under Crosby, TSB has cut costs and boosted lending. Profit rose to £110 million this year after a loss of £152 million in 2020. Sabadell declined to comment.

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