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Santander Agrees Up to £2.9bn Deal to Buy TSB

Completion hinges on regulator approval alongside a Sabadell shareholder vote ahead of an expected Q1 2026 close

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The logo of Santander bank is seen outside a branch in Mexico City, Mexico, June 15, 2024. REUTERS/Raquel Cunha/File Photo
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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