TSB joins Santander to become UK’s third largest high street bank – committing to become the best bank for customers

• TSB is now part of Santander UK, following regulatory approval of the acquisition. 
• Santander points to promising future with more benefits for TSB’s 5 million customers from one of the UK’s most substantial high street lenders. 
• Customers can continue to use their TSB products, accounts and cards in the same way. 

Santander UK has completed its £2.65 billion¹ acquisition of TSB, following regulatory approval from the Prudential Regulation Authority and the European Central Bank on 19 March 2026 and 14 April 2026 respectively.

The move marks the start of bringing together two recognised banking brands to become the third largest bank by current account balances and fourth largest by mortgages – with a commitment to become the best bank for customers in the UK.  

With complementary customer bases and regional footprints, the acquisition is expected to deliver enhancements for customers across the UK – investing more in innovative products, digital services and support for customers. 

TSB has around 5 million customer accounts and approximately £71.5 billion in gross customer assets, comprising £35.2 billion in customer deposits and £36.3 billion in customer lending.  

There is no immediate change for TSB customers, and they can continue to use their TSB products, accounts and cards in the same way. 

Additionally, TSB has today announced changes to its Board and more information can be found here [link].  

Nicola Bannister, TSB’s Chief Executive Officer, said: 

“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.”

Mahesh Aditya, Santander UK CEO, 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 focussed 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."

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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. 

Notes to editors:

• TSB is now a wholly owned subsidiary of Santander UK, but they remain separate legal and regulated entities until approval is granted to integrate the two banks.
• The transaction is expected to take place in the first half of 2027 pending legal and regulatory approval through a banking business transfer under Part VII of the Financial Services and Markets Act 2000.
• For now, customers of each bank continue to have the maximum Financial Services Compensation Scheme protection, even if they bank with both TSB and Santander.  
• Customers do not need to take any action – as always, if we make any changes in the future we will contact them with plenty of notice before the changes take effect.
• TSB has 5 million customers. 
• TSB serves customers across mobile, internet, telephone and video banking.  
• TSB also provides personal support at 175 branches across the UK, alongside TSB Pods, pop-ups, and participating in banking hubs in local communities.