The EC by its order dated May 18, 2015 has approved the acquisition of TSB Banking Group plc, a British retail and commercial banking services provider, by Banco de Sabadell, S.A. of Spain. TSB is a spin-off of Lloyds Banking Group (Lloyds). With the complete divestment of TSB, Lloyds has fulfilled a key measure under its restructuring plan to limit distortions of competition created by the public aid Lloyds received during the financial crisis. Having the backing of a larger banking group like Sabadell will enhance TSB's ability to compete as a challenger bank and stimulate competition in the British retail banking markets, to the benefit of UK consumers. In May 2014, the EC approved proposals by the UK authorities to amend conditions for the divestment of Lloyds' UK retail business, in the context of Lloyds's restructuring plan, as in line with EU state aid rules. This included a prolongation of the deadline for the disposal of TSB from 30 November 2013 to 31 December 2015. Lloyds had initially tried to divest TSB by proposing to transfer its customers, branches, assets and liabilities to a trade buyer with existing banking operations in the UK. However, no trade buyer could be found. The EC also approved a reduction of the perimeter of the divestment as compared to the commitment in the original restructuring plan, in exchange for other measures strengthening its capital position and profitability.