Lloyds, TSB, and Banco Sabadell

TSB Bank came into being on September 9, 2013 as a result of Lloyds Banking Group splitting off 631 of its branches.

Lloyds was required to split off the branches to fulfil the promise it made during the financial crisis that under EU law qualified it for UK Government aid.

In June, 2015, the Spanish bank, Banco Sabadell was been given approval by the City regulator to take over TSB.

What a strange turn of events.