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Santander and TSB rule out bid for Co-operative Bank


Santander and TSB have both ruled themselves out of bidding for the Co-operative Bank, according to reports.

Spanish bank Banco Sabadell was thought to be interested in bidding through TSB, according to the Financial Times.

Sabadell bought TSB from Lloyds Banking Group in 2015.

However, Sabadell chairman Josep Oliu has ruled out further UK acquisitions in an interview with Spanish newspaper Cinco Días.

Santander has decided the Co-op is not large enough to help its UK growth plans, according to sources close to the auction.

The British lender announced it was up for sale last month.

The Co-op announced 2016 losses of $477m earlier this month.



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Co-op Bank

Co-op Bank and Capita in financial row over contract

The Co-operative Bank and outsourcing firm Capita are engaged in a financial dispute with each claiming they are owed money by the other, The Telegraph reports. Co-op has countered claims by Capita that it is withholding payment for mortgage services, instead suggesting that it is owed money for delays, according to the newspaper. Capita’s chief executive […]


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