Santander is buying TSB for £2.65 billion and the acquisition will see the brand “strengthen the value.”
TSB has served customer since 1810 when it was founded in a village close to Dumfries.
Mike Regnier, CEO of Santander UK, 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.
At 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.”
TSB CEO Marc Armengol sent customers an email on Thursday morning, it reads, “I wanted to write to you directly and update you on an important announcement from TSB’s owners, Sabadell.
“Having owned TSB for ten years, Sabadell have confirmed that they have accepted an offer from Santander to buy TSB. The deal still needs to be approved by Sabadell shareholders, as well as by regulators.
“The process for completing this deal is expected to take several months. We will continue to share details throughout the process and update you on the expected timings.
“Meanwhile, it is very much business as usual for TSB customers while this process takes place. TSB continues to operate as a full-service bank, and our focus remains on supporting you, and all our customers, as we have always done. No action is required by you as a result of this announcement.
“I wanted to thank you for continuing to bank with TSB. We are incredibly grateful for your support and look forward to continuing to serve you and deliver on TSB’s purpose to help everyone feel more confident with their money, every day.
“Please do get in touch with us if you have any questions at all about this news. In the meantime, we have set up a Q&A section on our TSB website.”
