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# Santander UK completes £2.65 billion cash acquisition of TSB Banking Group from Sabadell
- URL: https://www.theglobalbanker.com/santander-uk-completes-2-65-billion-cash-acquisition-tsb-banking-group-sabadell/
- Published: 2026-05-01T08:00:00.000Z
- Updated: 2026-10-01T23:26:29.000Z
- Description: Santander UK confirmed completion of its £2.65 billion cash acquisition of TSB Banking Group from Banco Sabadell, with the deal closing on 30 April 2026.
- Author: TGB Editorial Team
- Tags: M&A, Europe

Santander UK on Friday announced that it had completed its £2.65 billion all-cash acquisition of TSB Banking Group plc from Banco Sabadell, with completion effective on 30 April 2026\. In a press release the bank confirmed that closing took place following receipt of all required regulatory approvals.

The final consideration comprised the headline £2.65 billion cash payment plus an adjustment for the movement in TSB's tangible net asset value before completion, taking the total to close to £2.9 billion. The transaction closes an all-cash sale agreed and announced on 1 July 2025.

#### REGULATORY GREEN LIGHTS SECURED

Completion followed clearance from the United Kingdom's Prudential Regulation Authority on 19 March 2026 and from the European Central Bank on 14 April 2026\. With those approvals in hand, the parties moved to closing on 30 April 2026, following receipt of both regulatory approvals.

Sabadell had owned TSB since acquiring it in 2015\. The deal makes Santander UK the third-largest UK bank by current account balances and the fourth-largest by mortgages; TSB has around 5 million customer accounts, £35.2 billion of customer deposits and £36.3 billion of customer lending.

TSB is now a wholly owned subsidiary of Santander UK, but the two remain separate legal and regulated entities until approval is granted to integrate them.

#### INTEGRATION PLANNING BEGINS

With legal completion behind them, Santander UK and TSB will now begin the operational integration phase. There is no immediate change for TSB customers, who can continue to use their TSB products, accounts and cards in the same way.

Santander UK chief executive Mahesh Aditya said the acquisition represented "the single largest investment in the sector for over 15 years".

Santander UK said it intends to transfer TSB Bank's business into Santander UK through a Part VII banking business transfer scheme in the first half of 2027, pending legal and regulatory approval. 

The completion announcement coincided with Sabadell's own confirmation the same day that it had closed the sale, for about €3.3 billion, with proceeds earmarked for an extraordinary shareholder dividend. Friday's press release brings the multi-jurisdictional process to a close and formally transfers TSB into the Santander UK group perimeter.