A huge deal is set to create the UK’s third biggest bank
Santander is taking over rival TSB.
The name of a major UK bank looks set to disappear from the high street, with all customers appearing likely to be moved.
Santander has agreed a £2.65 billion deal to take over rival TSB, which could signal the end for the famous TSB name.
Customers appear likely to be shifted over to the Spanish lender.
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Though nothing will be happening yet, with the deal not expected to be completed until the end of 2026.
Customers have been told they will kept be informed of any changes.
The deal is set to create the UK’s third biggest bank, serving nearly 28 million retail and business customers.
No details of TSB’s future have yet been confirmed.
But Santander UK’s chief executive, Mike Regnier, has hinted the name would be a thing of the past.
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“We tend to use the Santander brand on the high street around the world,” he previously told the BBC.
Santander said in an update: “This is an excellent opportunity to create the best bank for customers in the UK.
“When combined, the two banks would serve nearly 28 million retail and business customers nationwide and become the 3rd largest bank by personal account share and 4th largest for mortgage lending.
On the future of the TSB name, the bank said: “The deal is subject to regulatory approval and further information will be provided after this point.”
Santander added: “There’s no change to customers’ products or services.
“The acquisition remains subject to regulatory approval and the deal itself is not expected to complete until late 2026.”