Santander must buy TSB, becoming the third largest bank in the United Kingdom in the process.
This could mean that the TSB brand is no longer visible on the main street, because Santander said that it “intended to join the TSB in the Santander UK group”.
Santander agreed to pay a first 2.65 billion pounds Sterling for the TSB, the final price which should reach 2.9 billion pounds sterling when the financial results which are not yet announced are taken into account.
The price is 1.5 times the value of TSB assets.
The agreement is subject to approval by regulators and shareholders of the parent company of TSB, Banco Sabadell, but should end in the first three months of 2026.
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Once finished, the combined bank will have the third number of personal account sales in the United Kingdom and will be fourth in terms of mortgage loans, with a total of nearly 28 million customers, said Santander.
The losses can also result.
SantanderThe interest in submitting an offer for TSB was Reported for the first time by Sky News.
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TSB has five million customers, offers commercial and personal accounts and is the tenth largest British lender for mortgages and deposits.
After Cut work and branches Last year, it currently employs around 5,000 employees and operated 175 branches, the seventh largest network in the United Kingdom.
This occurs only a few months after speculation that Santander would leave the British market, despite the refusals of the lender belonging to the Spanish.
In recent months, he had rejected attempts to take over Rivals Natwest and Barclays.
Barclays also brought TSB.
Banco Sabadell said he was selling TSB “to concentrate our strategy on Spain,” said his director general, Cesar Gonzalez-Bueno.
“This is an excellent deal for customers, combining two solid and complementary banks, creating one of the most substantial banks in the United Kingdom and considerably improving the competitiveness of the industry,” said Mike Regnier, CEO of Santander UK.