Sabadell reportedly plans to sell TSB when it becomes profitable again

Spanish lender Sabadell plans to eventually merge or sell its TSB unit once it has returned the bank to profitability, it is reported. 

Sabadell chairman Josep Oliu said options for the British bank, which was hit by a costly IT meltdown earlier this year, would be looked at in due course.

“The aim is that TSB enters into a process of consolidation in the future in Britain,” Expansion newspaper quoted Oliu as saying at an event in New York.

“We will need at least two years for this. Afterwards we will enter into the consolidation process,” he said.

Sabadell will present a plan in the new year to turn the bank around following the IT meltdown the bank encountered this year, after which boss Paul Pester stepped down. 

The IT issues started in April and stopped TSB customers from logging into their accounts online for months.