TSB Move Is Oliu’s Latest Turn in 25 Years Shaping Sabadell

Buying TSB Banking Group Plc was arguably Josep Oliu’s biggest strategic gamble as chairman of Banco Sabadell SA. Selling it a decade later may yet bring redemption.

The announcement that the Spanish lender will consider offers for its UK unit has added a major twist to Oliu’s year-long battle to fend off a hostile takeover by BBVA SA under Chairman Carlos Torres. A successful disposal would hand Sabadell proceeds for other strategic options and remove the asset from the reach of the larger rival.