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		</div><p>TSB’s takeover by Spanish bank Banco de Sabadell has been sealed after UK City regulators gave the £1.7bn deal the green light.</p>
<p>Sabadell agreed to buy TSB earlier this year with aims to turn the bank into a major competitor to Britain’s big five lenders.</p>
<p>Taxpayer-backed Lloyds Banking Group floated TSB last June after the brand was revived to meet the EU rules on state aid, but the return to the stock market proved short-lived with Sabadell making its takeover offer in March.</p>
<p>Lloyds said the deal’s approval by the Prudential Regulation Authority and the Financial Conduct Authority means it has effectively completed the sale of its remaining 40% stake in the business for around £680m.</p>
<p>It hopes to get confirmation that it has now met the European Commission’s requirements on state aid “well ahead” of the year-end deadline.</p>
<p>Paul Pester, chief executive of TSB, said the deal was a “major vote of confidence in TSB”.</p>
<p>He added: “With the extra fire-power and fresh perspective of Sabadell, TSB will be stronger and even better placed to build on its position as Britain’s challenger bank.”</p>
<p>Sabadell said completion of the deal marked a “milestone” for the group.</p>
<p>Chairman Josep Oliu said: “Today marks the beginning of a major project.</p>
<p>“This is a milestone that enables us to enter a market with vast opportunities. We do so in partnership with a well-positioned challenger bank with a prestigious brand backed by a long tradition.”</p>
<p>TSB is the seventh largest retail bank in the UK, with more than 600 branches, 8,700 employees and 4.7 million customers.</p>
<p>But the group said in April it planned to close 17 branches and posted a sharp fall in first quarter profits – at £34.3m, down 67% on a year ago.</p>
<p>TSB said the fall largely reflected higher costs, with operating expenses up as the group developed its infrastructure after being spun out of Lloyds and investment spending increased.</p>
<p>Lloyds was forced to offload TSB in return for its bailout at the height of the financial crisis.</p>
<p>The British taxpayer was initially left holding a 40% stake in Lloyds, but this has since been reduced to less than 17% as theUK government sells off tranches of shares with aims to return the bank to full private ownership.</p>
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