Santander Agrees to Buy Sabadell’s TSB Unit for £2.7 Billion (4)

Banco Santander SA agreed to buy Banco Sabadell SA’s UK unit for £2.65 billion ($3.64 billion), a deal that will make it the UK’s third-largest lender by some measures.

The all-cash transaction will see the combined firm serve nearly 28 million customers in the UK, according to a statement by Santander. TSB has about 2% of the UK mortgage market and will also add £35 billion in customer deposits to the £181 billion that Santander UK held at the end of 2024.

The enlarged firm would be the third-largest UK bank by personal current ...