Santander UK completes £2.9bn TSB acquisition

Santander UK has completed its approximately £2.9 billion acquisition of TSB, creating the third-largest bank in the UK by current account balances and the fourth-largest by mortgages, serving around 28 million customers.

The deal, initially agreed last year with TSB's previous owner Sabadell for £2.65 billion, received final regulatory approvals from the Prudential Regulation Authority on March 19, 2026, and the European Central Bank on April 14, 2026. Santander confirmed the transaction on its website, stating that customers of both banks face no immediate changes. "If you're a Santander customer, nothing changes. Your accounts, cards and the way you bank with us will stay the same for now. You don't need to take any action," the bank said. TSB customers can continue using their services as normal.

TSB, which holds about 5 million customer accounts and £71.5 billion in gross assets including £35.2 billion in deposits and £36.3 billion in lending, echoed the message. Both banks emphasized that branches, service hours and contact numbers remain unaffected for the time being, with Santander and TSB locations operating separately.

Mahesh Aditya, Santander UK's chief executive,...