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Corporate Banco Sabadell held its Board of Directors’ meeting in London

Banco Sabadell inaugurates its facilities in London


24/11/2016

Today, Thursday 24 November, Banco Sabadell held its Board of Directors’ meeting in London, travelling to the city to inaugurate the bank’s facilities in the capital of the UK located in The Leadenhall Building, in the heart of the City of London.

The bank’s directors have spent two days here, with a schedule which has involved various meetings on an institutional and economic level, with customers and the media, and with members of the Board of Directors of TSB, Banco Sabadell’s British franchise.

This afternoon a meeting was held at The Wallace Collection, where attendees included Simon Kirby, Economic Secretary to the Treasury (City Minister), the Spanish ambassador in the UK, Federico Trillo, and the Spokeswoman and Minister of the Presidency of the Regional Government of Catalonia.

During the meeting, Josep Oliu, Chairman of Banco Sabadell, reminded the attendees that “the financial crisis hit all banks in Spain increasingly hard, due to the business related to real estate. Sabadell took the opportunity to more than double its size during the post crisis years, incorporating 5 banks.”  As regards the situation at present, Mr Oliu emphasised that “Sabadell is a bank projected towards the future. The future is what counts the most, but we are proud of our heritage and of having become one of the most competitive banks in Spain.”

TSB, an essential platform for the bank
The Chairman also noted that “TSB offers a promising platform to develop retail banking operations based on principles similar to the ones that Sabadell has been faithful to. That is, helping customers to borrow, in order to meet the needs of our customers.” Regarding Banco Sabadell's strategy in the United Kingdom, Josep Oliu indicated that “We are very focused on completing the development of the technological platform and next year we will be taking on the systematic procedures which we have defined in line with our experience of running several data migration processes.”

It should be noted that this migration is an ambitious project involving more than 1,600 engineers and 9,000 milestones, and has clocked over 2 million hours in just one year.

TSB’s incorporation into the group forms part of the bank’s commitment to internationalisation, and the results of the British franchise are helping to cement the success of the operation. The latest results show that profit before tax increased to £149.3 million during the first nine months of 2016, a 95.4% increase compared with the £76.4 million reported for the same period in 2015.

TSB lending has increased by 28.2% year-on-year, reaching £28,630.0 million, and the volume of deposits increased by 14.1% to £28,956.0 million, as a result of the increase in the market share and customer trust in TSB. 6.8% of customers who have changed bank accounts or who have opened a new account in the United Kingdom so far this year have chosen TSB.

Furthermore, the franchise’s volume of mortgage loans increased by 23.7% during the year, reflecting a strong mortgage demand. Specifically, mortgage renewals increased by 18%, and in August TSB received a record number of requests. The market share of new current accounts stood at 6.8% YTD, far higher than the target of 6.0%.

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Banco de Sabadell, S.A. Avenida Óscar Esplá, 37, 03007 Alicante, registered with the Mercantile Register in Alicante, tome 4070, folio 1, page A-156980, Fiscal Identification Number (NIF) A08000143.
Financial institution under the supervision of the Bank of Spain and registered in the Special Administrative Register under number 0081
Email address info@bancsabadell.com - Banco de Sabadell, SA, 2014. All rights reserved.