Latest news with #Spanish-owned
Daily Record
6 hours ago
- Business
- Daily Record
TSB started with small Scottish back over 200 years ago and is set for £2.65bn Santander deal
TSB, founded over 200 years ago by Reverend Henry Duncan, is set to be bought by Santander, risking the loss of one of Britain's oldest banking names. TSB, the bank born from a revolutionary idea in a Dumfriesshire hamlet more than 200 years ago, is now set to be absorbed by Spanish-owned Santander in a £2.65 billion deal that could spell the end of one of Britain's oldest banking names. The Edinburgh -based lender has been under the control of Spanish banking group Sabadell for the past decade. But with a new sale agreed, pending shareholder approval, the iconic TSB brand, with its roots dating back to 1810, could soon disappear from the UK high street entirely. The Trustee Savings Bank was the vision of Reverend Henry Duncan, a Scottish minister who wanted to offer working people an alternative to the commercial banks of the day. At the time, most banks required a £10 minimum deposit to open an account, an impossible sum for agricultural workers and domestic servants who earned around 10d (4p) per day and were often paid only quarterly. Rev Duncan launched his so-called "penny bank" in the village of Ruthwell to help locals manage their money and earn interest, even on the smallest of savings. Drawing on his experience from working in a Liverpool bank, he took those deposits and reinvested them in commercial banks, paying savers interest of around 4–5% while retaining a small margin. The model proved so successful that within five years, similar banks were popping up across the UK. By 2002, the Trustee Savings Bank concept had inspired 109 savings banks in 92 countries. Duncan's tiny operation, run just one hour a week from a cottage, was hailed as the world's first savings bank. Though the original Ruthwell bank closed in 1875 due to its remote location, the site now houses the Savings Bank Museum, which reopened last summer after a five-year hiatus. The cottage, once filled with parishioners clutching coins, now displays hundreds of piggy banks and Duncan's original desk. Duncan himself died in 1846 aged 71 after suffering a stroke, but his legacy lived on. The TSB would go through several transformations over the centuries, merging with Lloyds Bank in 1995 to become Lloyds TSB, before being spun off again during the 2008 financial crisis. The European Commission ordered the split as a condition of Lloyds' £20 billion government bailout. Sabadell later acquired TSB in 2015 for £1.7 billion. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Now, the next chapter in TSB's long and storied history could bring its identity to an end. Santander has confirmed it 'intends to integrate TSB in the Santander UK group', though UK bosses have said it will be 'business as usual' for now. TSB's head office, Henry Duncan House on George Street in Edinburgh, is a nod to its founder, but its future under the Santander banner remains unclear. The bank currently operates 175 branches across the UK and employs 5,000 staff, while Santander runs 349 branches, a number that has steadily declined in recent years as customers move online. Tuesday's announcement has sparked fresh concerns over job losses and branch closures, with Santander already earmarking at least £400 million in cost savings as part of the merger plan.
Daily Mirror
a day ago
- Business
- Daily Mirror
UK bank with 5m customers set to be sold amid fears of branch closures
High street banking giant Santander has agreed to buy rival TSB for £2.65billion, sparking fears of widespread job losses and yet more branch closures. The tie-up, if approved, would create Britain's second biggest bank by personal current account balances. When combined, they would have nearly 28 million retail and business customers nationwide. But the big money deal will lead to large cost cutting. Santander is earmarking least £400million of 'cost synergies', with the majority by 2027. TSB has 175 branches - making it the UK's seventh largest - and a growing online arm, with head offices in Edinburgh and London. It has approximately five million customers, primarily in personal and small business, with £34billion in mortgages (2% market share in the UK) and £35billion in deposits. Spanish-owned Santander has around 350 branches in the UK, a number that has fallen sharply amid widespread closures, with the bank employing 18,000 full-time equivalent staff. Santander insisted that the deal isn't scheduled to complete until year and, even then, staff who maybe impacted would be told directly "as is right and proper. But for now it is business as usual." However, it also warned that it would not make to have two branches of the same bank close to each other, fuelling concerns that more branches will shut.. TSB is being sold by Spain's Sabadell, as it seeks to stop a hostile takeover approach from another Spanish heavyweight, BBVA. Sabadell said it would submit the deal to a shareholders meeting on August 6 for its approval. It said the deal's value could rise to £2.9billion 'considering TSB's estimated profits until the closing of the transaction, expected in the first quarter of 2026.' Ana Botín, Banco Santander's executive chair, 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.' Mike Regnier, chief executive 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.' 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.'
Scottish Sun
4 days ago
- Business
- Scottish Sun
Energy giant with 5million customers in merger talks to create UK's 3rd BIGGEST gas & electricity supplier
The combined company could serve six million British households SAY WATT Energy giant with 5million customers in merger talks to create UK's 3rd BIGGEST gas & electricity supplier TWO major energy suppliers are in talks about a merger. If it goes ahead it would create the UK's third-largest gas and electricity retailer. Advertisement 3 Spanish-owned Scottish Power could be set to join Ovo Energy in a merger Credit: Alamy 3 The combined companies could serve six million British households Scottish Power, owned by Spain's Iberdrola, and Ovo Energy are in talks to create a merger. It would create a company serving more than six million households, Sky News reports. Talks are still in the early stages, and any formal agreement will take months if it goes ahead. With Ovo being the larger company, serving four million customers, they are likely to be the acquiring entity. Advertisement Iberdrola would potentially contribute cash and remain as a shareholder. If they do merge, it would create the third-largest supplier, behind Centrica-owned British Gas and Octopus Energy. Scottish Power currently serves around 2.4 million households. Alongside the potential merger, Ovo is aiming to raise £300 million from the sale of shares in the company. Advertisement Last year the company hired Rothschild to explore options around new investors or a sale. Rothschild has reportedly contacted financial investors in recent weeks. Stop Making This Air Conditioning Mistake: How to Slash Your Summer Energy Bill Ovo became one of the UK's leading suppliers in 2020 after it bought the retail supply arm of SSE. Since Justin King became Ovo's chair, the company has prioritised repairing its regulatory relationships. Advertisement Iberdrola bought Scottish Power in 2007 for over £11 billion.
Daily Mirror
6 days ago
- Business
- Daily Mirror
Canary Island to charge sunbathers £3.80 in first hike price in 23 years
In a huge blow to Brits, a tourist-riddled hotspot on the Canary Islands has unveiled plans to charge holidaymakers almost £4 per day for the privilege of using a sunbed or a parasol Brit tourists heading over to a Canary Island hotspot are slated to be hit by soaring costs if they want to spend their days at the beach. Last year, a whopping four million international visitors flocked to Gran Canaria, making it the second most popular island on the Spanish-owned archipelago. Famed for its 400-hectare dune system, endless golden sandy beaches and crystal-clear water - the destination is perfect for those wanting to top up their tan while kicking back with a good book. Combine this with low rainfall and scorching temperatures that are predicted to hit a scorching 38C this month, and it's clear why Gran Canaria has become a sunbather's paradise. However, that might soon be about to change. For the first time in over two decades, officials have reportedly proposed to increase the cost to rent a sun lounger. The charge, which hasn't changed since 2002 when Spain moved from Pesetas to Euros, will affect all of the beaches in the San Bartolomé de Tirajana region - including in the tourist-riddled hotspots of Maspalomas and Playa Del Ingles. According to Canarian Weekly, renting a sunbed or parasol currently costs €2.50 (£2.13) per day, but this will rise to €4.50 (£3.84) for both items under the new rules. For a family of four renting out a sunbed each for seven days - this will work out at a staggering €126 (£107.41). Along with the price hike - which an economic study suggested should actually rise to €6 (£5.12) - tourists will also be able to rent out Balinese beds for €15 (£12.79) per day and personal safes €3 (£2.56) to lock away their valuables. Local media states the council, led by Yilenia Vega, argues that even with the price hike - the rates remain 'highly competitive' compared to both local and national averages. However, the Spanish Socialist Workers' Party (PSOE) has criticised the move, accusing the council of 'prioritising private company profits over public benefit'. Over in Majorca, authorities are actually seeking to remove a staggering 1,700 of its sun loungers from beaches to make more room for protesting locals. As previously reported, Palma's council has green-lighted plans to slash sunbeds on the city's beaches by 20 per cent by next year. "There has been a loss of sand on the beaches, and we couldn't maintain the same number of sunbeds and umbrellas - and this has coincided with complaints from residents who feel they have less space," a spokesperson for the Department of Home Affairs of the Balearic Islands reportedly said. "The mayor [Jaime Martínez] is aware that the majority of residents don't use the sun bed service, so we decided to implement this redistribution." The move isn't just to snub pasty Brits desperate for a tan, but has also been attributed to rising sea levels which are slowly taking away space on the beach. You can find out which beaches will be affected by the shakeup here.
South Wales Argus
23-06-2025
- Business
- South Wales Argus
All the UK Santander bank branches that will close this week
The closures are estimated to put around 750 jobs at risk and the Spanish-owned bank will also cut hours across 36 sites and switch 18 to be counter-free. Santander said it will be left with 349 branches after the sweeping changes. This week, a handful of those branches are set to close across the country – see the list. All Santander bank closures happening this week The following Santander branches will close this week: Monday, June 23 Blackwood, Gwent, Wales Cleveleys, Lancashire Eltham, London Glasgow MX, Lanarkshire Tuesday, June 24 Aberdare, Glamorgan, Wales Glasgow LDHQ, Lanarkshire, Scotland Greenford, Greater London Wednesday, June 25 Brecon, Powys, Wales Thursday, June 26 Peterhead, Aberdeenshire, Scotland Santander said the changes are being made as customers increasingly switch to online banking with it citing a 63% surge in digital transactions since 2019 while branch transactions have slumped by 61% in that time. A Santander UK spokesman said: 'As customer behaviour changes, we are ensuring that our branches remain fit for the future. 'Our new combination of full-service branches, alongside work cafes, counter-free branches and reduced hours branches, aims to provide the right balance between digital banking and face-to-face money management and guidance.' He added: 'Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers.' Santander said that from June 30, the majority of the reduced-hours branches will be open three days a week – either Mondays, Wednesdays and Fridays from 9.30am to 3pm, or Tuesdays and Thursdays from 9.30am to 3pm and Saturdays from 9.30am to 12.30pm. Recommended reading: The bank announced in March that it would change 18 sites to being counter-free from June 16 but stressed they will also be manned by staff to offer face-to-face support with an average of eight workers in these branches. The group will be recruiting 95 new 'community bankers' in the locations where it is shutting branches and hopes to redeploy some of the affected workers into these jobs. They will visit local communities on a weekly basis, based in centres such as libraries and community halls. Is your local Santander branch closing? Let us know in the comments.
