US EditionSantander completes near £3 billion takeover of rival TSB
The combined bank will become Britain’s third largest for current accounts and fourth for mortgages, with nearly 28 million customers and at least £400 million in savings.
- On Thursday, Spanish-owned Santander completed its near £2.9 billion takeover of TSB after securing regulatory approval in Britain and Europe, marking the largest sector investment for over 15 years.
- Although Santander agreed a £2.65 billion buyout with Spanish banking group Sabadell last year, the final price paid rose to £2.9 billion on completion.
- The combined group becomes Britain's third-biggest bank for current accounts and fourth for mortgages, serving nearly 28 million customers nationwide.
- Nicola Bannister, chief executive of TSB, assumed her role today while Santander targets at least £400 million in cost savings following the acquisition.
- Santander, which maintains branches in Birmingham, confirmed that existing customers of both banks will experience no immediate changes to their accounts or cards.
33 Articles
33 Articles
Santander confirms major bank branch update after TSB deal in move impacting 28 million customers
Santander has announced a major bank branch update following the completion of a recent business deal, in a move impacting 28 million customers across the UK.The banking giant finalised its acquisition of TSB on Thursday, a deal worth close to £3billion that represents the most significant investment in British banking for more than a decade and a half.The transaction received approval from both UK and European regulators before completion, acco…
As the two parties have explained to the National Securities Market Commission (CNMV) earlier this Friday, the transaction announced at the beginning of July 2025 ends now, after receiving all the relevant authorizations from the supervisory and regulatory bodiesThe shareholders of Sabadell approved in August the sale of their British subsidiary El Banco Sabadell has closed the sale of its British subsidiary, TSB, to Banco Santander in 3,300 mil…
Banco Sabadell completes the sale of its British subsidiary, TSB , which is now in the hands of Banco Santander . The final amount of the operation amounts to £2,863 million (about €3.3 billion), after receiving all regulatory and supervisory authorizations. The price includes the agreements 3,050 million euros, which implies a multiple of 1.5 times its book value, plus the net tangible accounting value (TNAV) generated by TSB until the close of…
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