TSB knocks back take-over bid by Co-op Bank

The owners of Edinburgh-headquartered TSB have rejected a take-over bid by the Co-operative Bank.

Spanish banking group Banco Sabadell, which owns TSB, said it had been approached by the Co-op but it “is not a transaction that we wish to explore at this moment as we have previously expressed publicly”, FT reports.

The Banco Sabadell board was reportedly unanimous in rejecting the offer, believed to have been worth more than £1 billion.

If accepted, the merger would have created one of the UK’s largest retail banks.