Co-op approaches TSB for takeover

The Co-operative Bank today confirmed reports that it had made an approach to the owners of TSB.

The Co-operative Bank said in a statement it had sent a letter to TSB’s owner, Spain’s Banco de Sabadell.

However Co-op said “no discussions in relation to a potential transaction are currently taking place between the Bank and Sabadell”.

Nick Slape, Co-operative Bank’s chief executive said: “Our unique brand, underpinned by co-operative values and ethics and the significant progress we have made in returning our bank to profitability is a testament to the hard work of our colleagues and the loyalty of our customers – which we continue to place at the heart of all our decisions.”