Lloyds Espana selling to Sabatell

Having moved from CAM to Halifax to Lloyds, I now find myself with Sabatell who own CAM after Lloyds sold out to them yesterday.

Glyn wrote:Having moved from CAM to Halifax to Lloyds, I now find myself with Sabatell who own CAM after Lloyds sold out to them yesterday.

Oh no! - That will, no doubt, be the end of all our free transfers from Halifax UK to Lloyds Spain and free banking and commission free ATM cash !!!

Do you know where our local branch will be now then Glyn? I wonder if there is a honeymoon period where they have to keep the same guidelines as Lloyds. At least it will give us time to search out a better bank, if need be.

Nothing out there yet Jan. May just rebrand and keep our products. Santander and Barclays may do the free transfers.

Glyn wrote:Nothing out there yet Jan. May just rebrand and keep our products. Santander and Barclays may do the free transfers.

Thanks Glyn - May have to look into what Barclays have to offer.

Here's there announcement

LLOYDS BANKING GROUP ANNOUNCES SALE OF RETAIL BANKING OPERATIONS IN SPAIN

Lloyds Banking Group plc (the Group) has announced that it has agreed to sell its Spanish retail banking operations, including Lloyds Bank International S.A.U and Lloyds Investment España SGIIC S.A.U, to Banco Sabadell, S.A (Banco Sabadell).


The sale comprises the Group’s retail and private banking business and the local investment management business inSpain. The business being sold consists mostly of retail mortgages and deposits, with a large portion of non-resident clients. The Group’s Spanish corporate banking operations, serving business clients, are not included in this transaction and will continue to operate as usual.


To ensure continued support for our customers in the Spanish market and in conjunction with the sale, the Group is also developing a collaboration agreement with Banco Sabadell which it is expected would involve exploring potential business opportunities in areas including retail, commercial, private banking, asset finance and asset management.


Under the sale agreement, the Group will receive shares equivalent to approximately 1.8 per cent of the total issued share capital of Banco Sabadell as part of the consideration for the sale. The Group intends to be a supportive shareholder of Banco Sabadell and has undertaken to retain the shares received under the sale agreement for a period of at least two years.


Total consideration payable for the business will be a maximum of €104 million, equivalent to £89 million [1]. This consideration will be payable in a mix of shares and cash. At completion Banco Sabadell will deliver 54.2 million ordinary shares out of their treasury holding with such shares being valued at €84 million (£72 million1) by reference to the volume weighted average share price on 25 April 2013. The remaining consideration of up to €20 million (£17 million1) may be payable in cash within the next five years dependent on mortgage book margins.


As of 31 March 2013 the total assets of the sale were approximately £1,517 million, comprised almost entirely of customer lending, and customer deposits were approximately £670 million. The business reported a loss of approximately £43 million in 2012, which included an increase in the impairment provision as a percentage of impaired loans to approximately 90 per cent. The sale of the business is currently expected to lead to a loss on disposal of approximately £250 million 1 in the Group’s accounts.


The sale is in line with the Group’s strategy of rationalising its international presence and ensuring best value for shareholders. The current senior management employed by Lloyds Bank International S.A.U and all of the staff of the Spanish retail operations will move across with the subsidiaries on sale. Any cash proceeds of the sale will be used for general corporate purposes.


The sale is subject to regulatory approval and is expected to complete in 2013.


Our customers do not need to take any action following this announcement. For now there are no immediate changes to the service they can expect to receive from us and it is business as usual. They will shortly be receiving further guidance on how these changes will affect them.

Thanks for the information Glyn - Interesting!

Just mailed Santander to see what their terms are

Be interested to hear what they say Glyn but as they are Spanish owned in the UK as well, I wouldn't expect the transfers to be free or as competitive as the Halifax /Lloyds.

We transfer money out, FREE, every month, via Solbank. Their London branch to our Quesada account!

Sandra wrote:We transfer money out, FREE, every month, via Solbank. Their London branch to our Quesada account!

Hello Sandra, I just Googled Solbank London and it seems to have connections with Sabatell - Do you know if it is the same banking group? If so then Sabatell could have the same terms as Solbank, which would be helpful.

Jan.