Banco Sabadell Shareholders Approve 3 Billion Euro Sale of TSB to Santander, 2.5 Billion Euro Dividend, 5% Share Buyback

Banco Sabadell shareholders have approved the sale of its British unit, TSB Bank, to Banco Santander for approximately 3 billion euros. The approval came during a double extraordinary shareholders' meeting convened to support the transaction amid a hostile takeover context. The sale will allow Sabadell to refocus its operations on the Spanish market, where it aims to provide better service to its clients. In connection with the transaction, Sabadell will distribute an extraordinary dividend of 2.5 billion euros to shareholders. Additionally, the bank is executing a 5% share buyback program, reducing its capital by 33 million euros.