Santander to buy TSB for £2.65bn amid fears of branch closures and job losses | TSB

Spanish Bank Santander, British High Street, purchased TSB for £ 2.65 billion and increases the fears of business cuts and branch closing in the United Group.

The proposed agreement, which was announced on Tuesday evening, is the result of Santander’s homeland at the main base of Spain, and the lending Sabadell decided to sell TSB because it faced an hostile approach to € 11 billion (£ 9.4 billion) from an opponent BBVA.

The agreement will still have to be approved by Sabadell’s shareholders, but it may cause TSB to change hands in the beginning of 2026, which is the third major change for the lender within 12 years.

Santander UK said that the TSB agreement would make it the third largest UK bank in terms of personal current account deposits behind Lloyds and Natwest.

If it continued, the inheritance will end the rumors about whether Santander will withdraw from England for months and fired with reports that the Spanish bosses were scattered from the British arrangements and the car loan commission scandal.

Banco The Purchase of TSB represents a constant strategic commitment to our customers in the UK and offers a compelling opportunity for our shareholders’ long -term targets.

“It strengthens our franchise in a basic market through the acquisition of a low -risk and complementary business that contributes to our diversity.”

However, while integrating the Santander Bank into existing UK operations, it creates fears for personnel and customers for business cuts and branch closing. The connection may see that the TSB brand has been lost and has ended its 215 -year run at the High Street, England. Santander has not yet decided that he would not scrape the brand.

TSB serves 5 million customers through 175 branches and 5,000 personnel. Santander UK has approximately 14 million customers and 350 branches throughout the country with 18,000 staff.

The purchase points to the third major property change for TSB in 12 years from Lloyds in 2013 as a part of the efforts to increase competition after the government rescue process in 2008 in 2008. In 2014, TSB swim on the UK stock exchange and purchased by Sabadell a year later and marked one of the largest banking agreements since the financial crisis.

Sabadell did not try to evacuate the TSB for the first time, and Goldman Sachs hired in 2020 to review the sales expectations after a major CT melting.

Since the release of a new CT system in 2018, TSB has been trying to repair its reputation that locks millions of customers from bank accounts for weeks. This resulted in the resignation of intense criticism of the regulators and deputies of Paul Pester at the time.

Marc Armengol, General Manager of TSB, said: “TSB is a really special bank operated by a first -class team that provides reliable service and support to customers every day. Today’s announcement represents the next exciting section for this successful job, Santander, a high reputable banking group, will be perfect for our loyal customers.”