Santander UK said on Friday it has completed its £2.9 billion cash acquisition of TSB, following regulatory approval from the UK’s Prudential Regulation Authority and the European Central Bank on March 19, 2026, and April 14, 2026, respectively.
Additionally, changes to the TSB board have been announced. David Oldfield will join the board as chair, taking over from Nick Prettejohn. Since December 2024, Oldfield has served as a non-executive director on the Santander UK board and also chairs the board risk committees.
TSB CEO Nicola Bannister, TSB CFO Alison Straszewski, and Santander UK CEO Mahesh Aditya will also sit on the TSB board, and be joined by new non-executive directors Michelle Hinchliffe, Alison Webdale and José Doncel. Existing independent non-executive directors Morten Friis, Judith Eden and Libby Chambers will remain on the TSB board.
“The move marks the start of bringing together two recognised banking brands to become the third largest bank by current account balances and fourth largest by mortgages – with a commitment to become the best bank for customers in the UK,” said TSB.
“With complementary customer bases and regional footprints, the acquisition is expected to deliver enhancements for customers across the UK – investing more in innovative products, digital services and support for customers.
“TSB has around 5 million customer accounts and approximately £71.5 billion in gross customer assets, comprising £35.2 billion in customer deposits and £36.3 billion in customer lending.
“There is no immediate change for TSB customers, and they can continue to use their TSB products, accounts and cards in the same way.”
TSB CEO Nicola Bannister said: “Today marks a significant new chapter for TSB as we become part of Santander. I look forward to leading TSB as we combine the very best of these two great businesses to offer even better banking for our customers.”
Santander UK CEO Mahesh Aditya said: “This is excellent news for UK banking with the acquisition representing the single largest investment in the sector for over 15 years. Bringing TSB into the Santander group strengthens competitiveness in the market and is an important step in creating the best bank for customers.
“As we enter the next phase, we remain focussed on a seamless transition, and we look forward to welcoming TSB customers as we become one of the most substantial and competitive banks in the UK – a bank positioned for sustainable growth, long-term value, and genuine differentiation.”
TSB said it is now a wholly owned subsidiary of Santander UK, but they “remain separate legal and regulated entities until approval is granted to integrate the two banks.”
TSB said the transaction is expected to take place in the first half of 2027 “pending legal and regulatory approval through a banking business transfer under Part VII of the Financial Services and Markets Act 2000.”