Bank owner reportedly interested in TSB

The owner of Yorkshire and Clydesdale Bank, Virgin Money is reportedly one of a number of interested parties in TSB.

The firm which recently reported a 77% drop in pre-tax profits after a year which saw exceptional costs including £139m of integration and transformation costs, as the business sought to integrate Yorkshire and Clydesdale branches.

According to reports over the weekend, the group, alongside OneSavings Bank, mortgage lender Kensington Group and credit card firm NewDay are all reportedly in the race to acquire TSB which will launch an auction process in the first quarter of 2021.

TSB’s owner Sabadell started the sale process after a proposed merger with fellow Spanish firm BBVA collapsed.

All of the aforementioned parties declined to comment on the reports as did a TSB spokesperson.