• Santander UK completes acquisition of TSB, following regulatory approval.
• Acquisition represents single largest investment in the UK banking sector for over 15 years, with Santander UK becoming third largest UK bank based on personal current account balances and fourth largest for mortgages.
• No immediate change for Santander UK or TSB customers - products, accounts and cards can continue to be used in the same way.
Santander UK is pleased to announce that it completed its acquisition of TSB on 30 April 2026, following regulatory approval from the Prudential Regulation Authority and the European Central Bank on 19 March 2026 and 14 April 2026 respectively.
The all-cash transaction, worth £2.65 billion1, will contribute to a target increase in Santander UK’s return on tangible equity to 16% by 2028, with estimated cost synergies of at least £400 million. The deal means Santander UK is now the third largest bank in the UK by personal current account balances and number four in mortgages.
There is no immediate change for either Santander UK or TSB customers, and they can continue to use their products, accounts and cards in the same way.
Combined, the two banks serve nearly 28 million retail and business customers nationwide, and the deal allows Santander UK to better support these customers, through increased investment in innovative products, its digital offering, as well as new and improved branch formats across the UK.
Mahesh Aditya, Chief Executive Officer, Santander UK, said: “This is excellent news for UK banking with the acquisition representing the single largest investment in the sector for over 15 years. Bringing TSB into the Santander group strengthens competitiveness in the market and is an important step in creating the best bank for customers.
"As we enter the next phase, we remain focused on a seamless transition, and we look forward to welcoming TSB customers as we become one of the most substantial and competitive banks in the UK - a bank positioned for sustainable growth, long-term value, and genuine differentiation."
Nicola Bannister, Chief Executive Officer, TSB, commented: “Today marks a significant new chapter for TSB as we become part of Santander. I look forward to leading TSB as we combine the very best of these two great businesses to offer even better banking for our customers.”
The RNS can be viewed here: Cash Acquisition of TSB Banking Group plc - 07:00:02 01 May 2026 - SANB News article | London Stock Exchange
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Notes to editors
1 - The consideration paid by Santander UK to Sabadell at completion for the entire issued share capital of TSB was £2.65 billion, plus Sabadell’s estimate of the difference in TSB’s tangible net asset value between 1 April 2025 and 30 April 2026 (“TNAV Variation”) amounting to approximately £213 million.
Nicola Bannister became TSB CEO on 1 May 2026 following completion of Santander UK’s acquisition of TSB. More information about the appointment can be found: Santander UK announces intention to appoint Nicola Bannister as new TSB CEO | Santander UK
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. The bank serves its customers via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Openbank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments. This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. In the first quarter of 2026, Banco Santander had €1.4 trillion in total funds, more than 176 million customers, 6,600 branches and 185,000 employees.