Santander UK has completed a £3 billion acquisition of rival TSB Bank, marking one of the largest investments in the UK banking sector in more than 15 years.
The deal, approved by regulators in both the UK and Europe, strengthens Santander’s position in the domestic market. Following the acquisition, the combined group becomes the UK’s third-largest provider of current accounts and the fourth-largest mortgage lender, serving nearly 28 million customers.
Santander UK, which is part of Banco Santander, said there will be no immediate changes for customers of either bank, with services and account access remaining unchanged.
Chief executive Mahesh Aditya described the transaction as a major milestone for the sector, highlighting its role in enhancing competition and strengthening the bank’s market position.
