Overview

• The binding agreement values TSB at an initial £2.65 billion, with the final price set to rise to £2.9 billion once future earnings are included
• Santander intends to fold TSB into its UK arm and rationalise overlapping branches to streamline the combined network
• TSB will add five million customers, £34 billion in mortgages, £35 billion in deposits and 218 branches to Santander UK
• The merged group will serve 28 million customers and become the second-largest by personal current account branches in the UK
• The sale bolsters Santander’s UK franchise and helps Banco Sabadell counter a roughly £11 billion hostile bid from BBVA