Latest news with #MarcArmengol
ITV News
02-07-2025
- Business
- ITV News
Could TSB disappear from the high street? Santander to buy bank for £2.65bn
high street Banking The TSB brand could vanish from UK high streets after rival Santander agreed to buy the lender for £2.65 billion, amid fears the deal could lead to branch closures. The move could mean people with a TSB account could become Santander customers in the future, which would create the UK's third largest bank by the number of personal current accounts. Sabadell, the Spanish owner of TSB, said last month it was considering a sale of the UK business amid efforts to stop itself being subject to a hostile takeover. Santander said it 'intends to integrate TSB in the Santander Group' as part of the deal, which needs to be agreed at a shareholder vote. TSB runs around 175 branches across the UK and employs more than 5,000 people, while rival Santander runs 349 branches and has around 18,000 staff. Both lenders have cut their number of sites in recent years as many customers have shifted to online banking. The deal will raise fears of further job cuts and branch closures across the combined group. What's going on with high street banks? Thousands of bank branches have been vanishing from the high streets, driven by the rise of online banking. According to the consumer group Which? 6,443 branches have close since 2015, which is an average of 53 per month. NatWest Group, which includes the brands NatWest, Royal Bank of Scotland and Ulster Bank has closed 1,477 since 2015. The individual bank to have closed the most branches is Barclays who have close 1,236 outlets. There are currently 431 closures pencilled in for 2025: 105 from NatWest, 100 from Halifax, 95 from Santander, 93 from Lloyds, 24 from Bank of Scotland, eight from TSB and six from Barclays. Nationwide has the most branches open across the country with 606 outlets still operating and has said it won't withdraw from any town or city in which it is based until at least 2028. In a presentation to analysts, Santander said it plans a 'rationalisation' of the overall branch network and structure, with aims to look at 'overlaps' involving properties. It comes a decade after Sabadell bought TSB for £1.7 billion to gain a foothold in the UK, a year after Lloyds had spun off TSB in a stock market float. In May, TSB saw first-quarter profits nearly double thanks to cost-cutting and improved mortgage lending ahead of April's stamp duty deadline. Marc Armengol, TSB chief executive, said: 'TSB is a truly special bank, run by a first-class team that deliver trusted service and support for customers, day in and day out. 'Today's announcement represents the next exciting chapter for this successful business, as part of Santander, a highly regarded banking group. 'I believe this will prove to be an excellent fit for our loyal customers.' Ana Botin, Banco Santander's executive chairwoman, said: 'The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander's long-term objectives. 'It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.'
Daily Mirror
02-07-2025
- Business
- Daily Mirror
Santander to buy rival bank TSB for £2.65billion - what it means for you
Once completed, the combined bank will have a total of nearly 28 million customers and will be the third largest UK bank in terms of personal current account deposits Santander has agreed to buy banking rival TSB for £2.65billion - but what does this mean for customers? The deal was announced yesterday and sparks fears that TSB branches could disappear from the high street. Once completed, the combined bank will have a total of nearly 28 million customers and will be the third largest UK bank in terms of personal current account deposits, behind Lloyds and NatWest. Sabadell, the Spanish owner of TSB, confirmed last month it was considering a sale of the UK business. Barclays had also bid for TSB. TSB was owned by Lloyds Banking Group up until 2013, when Lloyds TSB underwent a demerger to separate the two banks. Sabadell then bought TSB for £1.7billion in 2015. What does this mean for TSB customers? Santander said it 'intends to integrate TSB in the Santander Group' as part of the deal, which could mean the TSB name will disappear from the high street in the future. However, no concrete details have been announced yet. This means it is business as normal for both TSB and Santander customers for now. In a presentation to analysts, Santander hinted at future branch closures and said it plans a 'rationalisation' of the overall branch network and structure, with aims to look at 'overlaps' involving properties. But again, nothing will change for customers or branches immediately. The deal needs to be approved by shareholders first and, if given the green light, is expected to conclude in the first three months of 2026. TSB has around 175 physical high street banks across the UK, while rival Santander has 349 branches. Douglas Grant, Group CEO of Manx Financial Group, said: "While it will undoubtedly strengthen Santander's UK presence, endorse the wider market, and deliver cost synergies, these are likely to involve significant branch closures, something the regulator will scrutinise closely.' What does TSB say? Marc Armengol, TSB chief executive, said: 'TSB is a truly special bank, run by a first-class team that deliver trusted service and support for customers, day in and day out. 'Today's announcement represents the next exciting chapter for this successful business, as part of Santander, a highly regarded banking group. I believe this will prove to be an excellent fit for our loyal customers.' What does Santander say? 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. 'We are fully committed to ensuring a seamless integration, by leveraging our market leading technology and significant experience. "Maintaining the highest levels of service for customers across both banks will be a key priority and we will support all colleagues through the transition, as we invest in building a stronger bank for the future.'
Powys County Times
02-07-2025
- Business
- Powys County Times
TSB brand could disappear from high streets in £2.65bn Santander takeover deal
The TSB brand could vanish from UK high streets after rival Santander agreed to buy the lender for £2.65 billion, amid fears the deal could lead to branch closures. Sabadell, the Spanish owner of TSB, said last month it was considering a sale of the UK business amid efforts to stop itself being subject to a hostile takeover. Santander said it 'intends to integrate TSB in the Santander Group' as part of the deal, which needs to be agreed at a shareholder vote. The move would create the UK's third largest bank by the number of personal current accounts. TSB runs around 175 branches across the UK and employs more than 5,000 people, while rival Santander runs 349 branches and has around 18,000 staff. Both lenders have cut their number of sites in recent years as many customers have shifted to online banking. The deal will raise fears of further job cuts and branch closures across the combined group. In a presentation to analysts, Santander said it plans a 'rationalisation' of the overall branch network and structure, with aims to look at 'overlaps' involving properties. It comes a decade after Sabadell bought TSB for £1.7 billion to gain a foothold in the UK, a year after Lloyds had spun off TSB in a stock market float. In May, TSB saw first-quarter profits nearly double thanks to cost-cutting and improved mortgage lending ahead of April's stamp duty deadline. Marc Armengol, TSB chief executive, said: 'TSB is a truly special bank, run by a first-class team that deliver trusted service and support for customers, day in and day out. 'Today's announcement represents the next exciting chapter for this successful business, as part of Santander, a highly regarded banking group. 'I believe this will prove to be an excellent fit for our loyal customers.' Ana Botin, Banco Santander's executive chairwoman, said: 'The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander's long-term objectives. 'It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.'
Yahoo
02-07-2025
- Business
- Yahoo
TSB could disappear from high streets in huge Santander takeover
The familiar TSB brand could disappear from UK high streets following a £2.65 billion agreement for rival Santander to acquire the lender, a move that has sparked concerns over potential branch closures. The deal, which requires a shareholder vote, would see Santander integrate TSB into its existing group, creating the UK's third-largest bank by personal current accounts. TSB's Spanish owner, Sabadell, had indicated last month it was exploring a sale of its UK operations as part of efforts to fend off a potential hostile takeover. TSB runs around 175 branches across the UK and employs more than 5,000 people, while rival Santander runs 349 branches and has around 18,000 staff. Both lenders have cut their number of sites in recent years as many customers have shifted to online banking. The deal will raise fears of further job cuts and branch closures across the combined group. In a presentation to analysts, Santander said it plans a 'rationalisation' of the overall branch network and structure, with aims to look at 'overlaps' involving properties. It comes a decade after Sabadell bought TSB for £1.7 billion to gain a foothold in the UK, a year after Lloyds had spun off TSB in a stock market float. In May, TSB saw first-quarter profits nearly double thanks to cost-cutting and improved mortgage lending ahead of April's stamp duty deadline. Marc Armengol, TSB chief executive, said: 'TSB is a truly special bank, run by a first-class team that deliver trusted service and support for customers, day in and day out. 'Today's announcement represents the next exciting chapter for this successful business, as part of Santander, a highly regarded banking group. 'I believe this will prove to be an excellent fit for our loyal customers.' Ana Botin, Banco Santander's executive chairwoman, said: 'The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander's long-term objectives. 'It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.'
Scotsman
02-07-2025
- Business
- Scotsman
Historic Scottish-founded TSB name could disappear after £2.65bn Santander swoop
'TSB is a truly special bank, run by a first-class team that delivers trusted service and support for customers, day in and day out.' Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The venerable TSB brand could vanish from UK high streets in the wake of Santander's £2.65 billion deal to buy the Scottish-founded lender, amid fears of further branch closures and job losses. Sabadell, the current Spanish owner of TSB, said last month it was considering a sale of the UK business amid efforts to stop itself being subject to a hostile takeover. Santander, also Spanish owned, confirmed that it 'intends to integrate TSB in the Santander Group' as part of the deal, which needs to be agreed at a shareholder vote. Advertisement Hide Ad Advertisement Hide Ad The move would create the UK's third largest bank by the number of personal current accounts. When combined, the two banks would serve nearly 28 million retail and business customers nationwide. TSB currently operates about 175 branches across the UK and employs more than 5,000 people. TSB operates about 175 branches across the UK and employs more than 5,000 people, while rival Santander runs 349 branches and has around 18,000 staff. Like all major lenders, both banking groups have cut their number of sites in recent years as many customers have shifted to online banking and using apps. The takeover deal will raise fears of further job cuts and branch closures across the combined group. TSB, formerly the Trustee Savings Bank, was founded by the Reverend Henry Duncan in Dumfriesshire in 1810. It retains a Scottish headquarters in the centre of Edinburgh. Advertisement Hide Ad Advertisement Hide Ad In a presentation to analysts, Santander said it plans a 'rationalisation' of the overall branch network and structure, with aims to look at 'overlaps' involving properties. It comes a decade after Sabadell bought TSB for £1.7bn to gain a foothold in the UK, a year after Lloyds Banking Group had spun off TSB in a stock market float. In May, TSB saw first-quarter profits nearly double thanks to cost-cutting and improved mortgage lending ahead of April's stamp duty deadline. Marc Armengol, TSB chief executive, said: 'TSB is a truly special bank, run by a first-class team that delivers trusted service and support for customers, day in and day out. Today's announcement represents the next exciting chapter for this successful business, as part of Santander, a highly regarded banking group. Advertisement Hide Ad Advertisement Hide Ad 'I believe this will prove to be an excellent fit for our loyal customers,' he added. Ana Botin, Banco Santander's executive chairwoman, said: 'The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander's long-term objectives. It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.' Santander said the transaction is expected to generate 'cost synergies' - or savings - of 13 per cent of the combined business's cost base, equivalent to at least £400 million pre-tax, with the majority realised by 2027. Santander expects to incur £520m of pre-tax restructuring costs during 2026 and 2027.
