With Santander set to acquire 100% of TSB Banking Group from Banco de Sabadell for £2.65 billion, the TSB brand could no longer be visible on the high street.
Following the deal, which would make Santander the UK’s second-largest bank by personal current account balances, the group said it plans to integrate TSB into Santander UK, potentially bringing an end to the TSB brand.
As part of the acquisition, Santander will take on TSB’s nationwide network of 175 branches, its expanding digital presence and its five million-strong customer base, which is primarily made up of personal and small business clients.
For Santander, the acquisition bolsters its position in one of its key markets, growing its UK customer base and increasing its lending capacity.
When combined, the two banks would serve nearly 28 million retail and business customers Together, the two banks would serve nearly 28 million retail and business customers across the UK, giving TSB customers access to Santander’s global network and technology platforms.
Ana Botín, Banco Santander’s executive chair, said: “The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander’s long-term objectives. It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.”