Santander acquires TSB from Banco Sabadell in £2.9bn deal

IN a game-changing £2.9bn transaction, Santander UK has snapped up high street banking player TSB, a move that's set to considerably bolster its market presence.

- SAMUEL NORMAN

The all-cash acquisition offer from Banco Sabadell places TSB at a valuation quintuple its projected 2026 net income.

With the addition of TSB, Santander will inherit five million customers, mortgages worth £34bn, and deposits totalling £35bn, not to mention 218 branches.

This merger will see the combined entity catering to 28 million customers, securing the number two spot in personal current account branches.