Santander has announced an all-cash acquisition of TSB for £2.65 billion from Sabadell, set to complete in early 2026 pending regulatory approval. The deal allows Santander to absorb TSB's five million customers and strengthens its foothold in the UK market. The acquisition price surpasses what Sabadell previously paid for TSB in 2015. Banco Sabadell indicated that the sale would unlock value, enabling a substantial special dividend. This move is positioned as a commitment to customer service in the UK, with TSB's CEO acknowledging the success of TSB as part of a larger group.
Santander has announced a £2.65 billion all-cash deal to acquire TSB from Sabadell, a significant move in UK banking consolidation expected to complete in early 2026.
With this acquisition, Santander seeks to absorb TSB's five-million-strong customer base and reinforce its long-term commitment to the UK market.
Banco Sabadell stated that the sale would unlock value, allowing it to propose a special dividend of €0.50 per share at an upcoming shareholder meeting.
Dame Ana Botín highlighted that acquiring TSB strengthens Santander’s franchise in the UK through a low-risk, complementary business that enhances diversification.
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