By James Rodger
A major UK bank could DISAPPEAR from high streets with five million customers impacted . TSB is set to be sold to a high street rival after days of speculation. Santander have agreed a deal to acquire TSB from Sabadell for a whopping 拢2.65billion. Santander intends to integrate TSB in the Santander UK group, meaning it would become the second largest bank in the country by personal current account balances. Santander has not yet decided whether to scrap the brand – with any merger likely to be in early 2026. Ana Bot铆n, Banco Santander鈥檚 executive chair, said: “The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander鈥檚 long-term objectives. READ MORE Warning for millions going on holiday to Spain after UK tourist left ‘petrified’ “It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification. We are creating a stronger and more competitive business across key products such as personal current accounts where the combined business will become the second largest bank in the UK by market share. “The transaction will accelerate our path to greater profitability in the UK and helps achieve a return on tangible equity of 16% by 2028. “The acquisition also reflects our commitment to growing profitably through disciplined capital allocation. This acquisition meets our goal of achieving a return on investment above 20% and EPS accretion from year 1, while consuming limited capital and having low execution risk. “Furthermore, the transaction will not affect Santander鈥檚 existing distribution policy and 2025 targets.鈥 Meanwhile, CEO of Santander UK, Mike Regnier said: “This is an excellent deal for customers combining two strong and complementary banks, creating one of the most substantial banks in the UK and materially enhancing the competitiveness of the industry. 鈥淎t Santander UK we have momentum in our strategy to become the best bank for customers in the UK by investing in technology and service and improving our processes and efficiency. “This deal accelerates our transformation allowing us to enhance our customer proposition and invest more in innovative products and our digital offering, supported by the human touch service so many appreciate, not least in our new branch formats and enhancements across the country. 鈥淲e are fully committed to ensuring a seamless integration, by leveraging our market leading technology and significant experience. “Maintaining the highest levels of service for customers across both banks will be a key priority and we will support all colleagues through the transition, as we invest in building a stronger bank for the future鈥.