Sabadell Investors Back TSB Sale in Boost for BBVA Defense (2)

Banco Sabadell SA shareholders supported the sale of the lender’s UK unit, TSB, in a win for Chief Executive Officer Cesar Gonzalez-Bueno and his effort to fend of a takeover by rival BBVA SA.

The motion to sell TSB to Banco Santander SA was adopted with 99.6% of votes in favor at an extraordinary shareholder meeting in the namesake town of Sabadell, Spain on Wednesday, according to a Sabadell spokesperson.

The investors also voted in favor of an extraordinary dividend of about €2.5 billion ($2.9 billion) coming from the TSB sale.

Sabadell last month agreed to sell TSB for ...