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Santander acquires TSB from Banco Sabadell in £2.9bn deal
South Wales Evening Post
|July 03, 2025
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.
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.
This story is from the July 03, 2025 edition of South Wales Evening Post.
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