PARTY POOPER. Banco de Sabadell has abruptly turned down the music at Spain’s banking M&A fiesta. Shares in the 3 billion euro lender fell by 4% on Friday morning following an announcement by new Chief Executive Cesar Gonzalez-Bueno ruling out a sale of its UK arm TSB. That probably nixes any hope of a near-term dalliance with larger domestic rival BBVA. The pair broke off union talks last year, with the loss-making British unit one of the deal’s sticking points. True, hitting a modest goal of turning a profit this year should eventually make TSB more attractive to a suitor such as London-listed Virgin Money UK. Analysts reckon TSB might be worth 900 million pounds, compared with Sabadell’s 1.7 billion pound purchase price in 2015. While he waits, however, Gonzalez-Bueno faces pressure in his home market from recently consummated couplings including Bankia-Caixabank and Unicaja-Liberbank. Even after a one-third rise this year, Sabadell shares trade at a despondent one-quarter of tangible book value, implying meagre future profitability. Ditching Spain’s M&A revelry will likely prolong its misery. (By Christopher Thompson)