Overview
- Last year’s deal valued TSB at about £2.65bn, with the price expected to rise to roughly £2.9bn on completion.
- TSB is set to add around five million customers, £34bn in mortgages, £35bn in deposits and 218 branches to Santander UK.
- Outgoing TSB chief executive Marc Armengol will depart to lead Sabadell Group.
- Santander UK’s new chief executive, Mahesh Aditya, who took the role on March 1, called Bannister the outstanding candidate to succeed Armengol.
- Santander recently announced 44 further branch closures that put 291 jobs at risk, prompting fresh questions about high-street access and the future visibility of the TSB brand.