|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.1500 - 1.1500|
|52 Week Range||0.9300 - 2.0200|
|Beta (3Y Monthly)||0.95|
|PE Ratio (TTM)||18.25|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Retail bank TSB needs to turnaround its business and cut costs before becoming a candidate for a sale or to take part in any consolidation in Britain, the chairman of parent Banco Sabadell said on Wednesday. Sabadell bought TSB for £1.7 billion in 2015 to expand into Britain and challenge incumbent retail banks. TSB has also been hit by an IT glitch forcing the bank to hire 2,100 staff to help fix the problems which left customers locked out of their online accounts for weeks.
The incoming chief executive of Britain's TSB will work on a plan to slash costs at the loss-making bank owned by Spain's Banco Sabadell, including potential staff cuts and relocations, a banking source said. Debbie Crosbie, who is expected to take over at TSB in just over a month, will work on a new strategy as it tries to regain confidence after a botched switch to a new IT platform. TSB, which was bought by Sabadell in 2015, has had to hire more than 2,100 staff to help fix IT problems which left customers locked out of their online accounts for weeks.
Britain's TSB Bank, a subsidiary of Spain's Sabadell, plunged to a 105.4 million pound ($137.9 million) loss last year as costs from a major IT meltdown ratcheted up further. Executives at TSB were deprived of their bonuses after the bill for a botched IT upgrade that locked nearly two million customers out of their accounts rose to 330 million pounds. Instead of awarding bonuses to executives, all TSB's remaining 8,300 staff received a bonus of 1,500 pounds for the year.
Sabadell (SABE.MC) wants its British unit TSB to start buying other businesses once it has cleared up the fallout from an IT meltdown, a spokesman for the Spanish group said on Friday. Chairman Josep Oliu had said on Thursday Sabadell would in January present a plan to turn around TSB, which suffered a technology failure this year that will cost it some 320 million euros (285.16 million pounds). "The aim is that TSB enters into a process of consolidation in the future in Britain," Oliu said at an event in New York.
Spain's Sabadell (SABE.MC) has no plans to sell its TSB unit and wants the bank to start buying other assets once it has cleared up the fallout from an IT meltdown, a spokesman for the Spanish group said on Friday. Chairman Josep Oliu said on Thursday Sabadell wanted TSB to begin "a process of consolidation" in Britain, prompting speculation it could look to sell the business.
Costs from an IT outage at its British bank TSB hit Sabadell's (SABE.MC) third quarter earnings on Friday, but shares in the Spanish banking group rose as it exceeded forecasts. Sabadell said its third-quarter net profit had fallen 37 percent after a botched migration of TSB's systems in April prompted a regulatory investigation and the exit of its CEO. "Core revenues came in 4 percent above our estimates, with strong growth across net interest income and fees.
Spanish bank shares fell sharply on Thursday after the Supreme Court ruled banks must pay stamp duty on mortgage loans, potentially costing them billions of euros in compensation and raising pressure on their lending business. "The Supreme Court states that the person who must pay the stamp duty in the public deeds of loans with mortgage guarantees is the lender, not the one who receives the loan," the court said in a document. The Supreme court ruling, which overturned a previous ruling from earlier this year, is now final and could leave banks potentially exposed to additional legal provisions, analysts said.
Paul Pester, the chief executive of Britain's crisis-hit TSB Bank, is stepping down after months of pressure following a botched IT project that has cost more than 200 million euros ($231 million). Pester ran the lender for seven years but was heavily criticised for his handling of the IT update in April that led to one of Britain's worst banking outages, affecting up to 1.9 million digital customers. Richard Meddings, TSB non-executive chairman, will take on the role of executive chairman with immediate effect while the bank, owned by Spain's Sabadell, looks for a new boss.
Banco de Sabadell SA (BME:SAB), operating in the financial services industry based in Spain, saw significant share price volatility over the past couple of months on the BME, rising toRead More...
NEW YORK, NY / ACCESSWIRE / July 27, 2018 / Banco de Sabadell SA (OTC PINK: BNDSF ) will be discussing their earnings results in their Q2 Earnings Call to be held on July 27, 2018 at 10:00 AM Eastern Time. ...
MADRID/LONDON (Reuters) - An IT failure at Britain's TSB has cost parent Banco Sabadell (SABE.MC) more than 200 million euros (£178 million), pushing the Spanish bank to a quarterly loss, with its effects to be felt for the rest of the year. A botched migration of TSB computer systems in April saw thousands of users locked out of their accounts and a surge in attacks by fraudsters, prompting a regulatory investigation and criticism of its chief executive. Sabadell, which bought TSB in 2015, booked an extraordinary charge of 203 million euros for the outage, including compensation for cases of alleged fraud during the migration and 92.4 million euros for future customer claims.
Banco Sabadell is close to selling two real estate loan portfolios with a gross value of 3.3 billion euros ($3.8 billion), a source with knowledge of the matter said on Thursday, after it sold two portfolios to Cerberus. Spain's property market is enjoying a rebound, although lenders are still struggling to sell real estate debt that soured during a prolonged crisis, often offering face value discounts of around 60 percent. Sabadell was close to finalising the sale of a 2.4 billion euro portfolio to Deutsche Bank consisting of loans to real estate developers and SMEs, and another package worth 900 million euros of non-performing real estate assets, the source said.