海角视频

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Retail & Consumer

Co-op Bank's surprise bid for high street rival TSB rejected by firm's owner Sabadell

Reports suggest the offer was worth over £1bn

Reports at the weekend suggested Co-op Bank's offer for TSB could have been over 拢1bn(Image: PA)

The Co-operative Bank's surprise attempt to buy a high street rival has not been successful, the firm revealed on Monday.

Reports at the weekend indicated Co-op Bank had made an approach for TSB, with a letter sent to its Spanish owner Banco de Sabadell.

Sky News said the approach valued TSB at over £1bn.

READ MORE: Intelling sold to London investment firm as new owner eyes £65m turnover

However on Monday, Manchester-based Co-op Bank confirmed the letter had been sent - but that "no discussions in relation to a potential transaction are currently taking place between the bank and Sabadell".

Nick Slape, CEO of the Bank 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."

Sabadell said on Sunday it had responded to the bank's approach - and that "this is not a transaction that we wish to explore at this moment as we have previously expressed publicly".