Latest news with #TSB
Times
11 hours ago
- Business
- Times
Santander and Barclays vie to take over TSB
Barclays and Santander were named on Friday as the two frontrunners to buy TSB as the deadline for initial offers for the high street lender passed. The British and Spanish banks were reported by Bloomberg to be the main contenders still standing in the auction to sell TSB by its current owner, Sabadell. Sabadell, which is under siege itself from a rival Spanish bank, BBVA, is due to choose a preferred bidder with which to carry on exclusive talks, or to walk away from a sale. • Who will buy TSB as banks circle? As both prospective bidders operate large retail banks in the UK, either bid offers the prospect of significant synergies — but heavy job losses — if it were to go through. TSB, which has about five million customers and 5,000 UK employees, has already slashed its branch network in recent years. The Competition and Markets Authority is not thought likely to object, although either deal would marginally reduce competition. TSB is thought to have around 3 per cent share of current accounts and 1.5 per cent share of the stock of mortgages. Sabadell confirmed last week that it had received some preliminary non-binding expressions of interest for TSB, which was spun out of Lloyds Banking Group and briefly floated in 2014 before being bought by Sabadell for £1.7 billion in 2015. The Spanish government this week gave BBVA the green light to proceed with a bid for Sabadell, while saying the two sides would have to keep their operations separate for at least three years. • Is it game over for Britain's challenger banks? Sabadell's chief executive, César González-Bueno Mayer, said on Wednesday that he expected a decision on TSB before he unveils a strategic plan on July 24. Analysts estimate that TSB could fetch as much as £2.6 billion. Higher interest rates and significant cost-cutting have improved its perceived value. TSB's operations are based on Sabadell's IT platform and a UK bidder would be likely to want to migrate customers to its own platform over time. Edinburgh-based TSB traces its roots back to the 19th century, when dozens of individual trustee savings banks were founded to serve people of moderate means under a mutual structure. It was first floated in 1986 and rescued by Lloyds Bank in 1995 to form Lloyds TSB. Barclays had no comment. Santander was approached for comment.
Bloomberg
19 hours ago
- Business
- Bloomberg
Santander, Barclays Said to Be Final Bidders for Sabadell's TSB
By and William Shaw Save Banco Santander SA and Barclays Plc are the main contenders left in the race to acquire Banco Sabadell SA 's UK unit TSB, according to people familiar with the matter. Santander and Barclays are the only banks in the data room with offers for the business due Friday, the people said, asking not to be identified because the process is private. Sabadell would then likely select one bank to start negotiations over a potential deal, the people said.
Daily Mail
2 days ago
- Business
- Daily Mail
Last chance to get £310 for switching your current account
This is the last chance for savvy bank switchers to get a £310 bonus for switching their current account. TSB has announced its is ending its switching bonus on Monday 30 June at 23:59. Customers switching their current account to TSB before then can still grab the switching cash. It's switching deal is available to new and existing customers and is worth up to £310. New customers can bag up to £190 in cash if they switch their current account to a TSB Spend & Save or Spend & Save Plus current account, and bag a further £120 worth of rewards. They will receive £100 for switching their bank account and can then earn £90 in cashback over the first six months of opening the account. They also get a choice of two rewards in January 2026, worth up to £120. To get the switching cash, customers must switch to TSB through the Current Account Switch Service and the switch must be complete by 19 July 2025. This can be done through the TSB Mobile Banking app, the TSB website or in branch. Existing customers, for example those who hold a mortgage or credit card with TSB, can also get the switching cash if they open a new TSB current account and do a full switch. TSB's Spend and Save account is free to open, while the Spend and Save Plus account comes with a £3 monthly fee. What is in the small print? There are several hoops to jump through to get the full switching bonus though, as TSB looks to retain customers who switch to it, rather than those who use it as a secondary account just to bag free cash. To get the initial £100 switching cash, customers must use the TSB Mobile Banking app and make at least five payments using the TSB debit card on their account before 19 July 2025. The £100 bonus will be then paid between 2 and 16 August 2025. After this, new TSB customers will be able to earn cashback of £15 each month for six months if they make at least 20 debit card payments in the calendar month. This means customers can earn a total of £90. Any cashback will be automatically paid in the next calendar month. If customers make 20 debit card payments in December 2025 and meet the conditions for the £100 switching bonus, they can choose between two rewards options, but they will have to wait until January 2026. Customers can then choose from a £120 voucher for a hotel of their choice either abroad in the UK when booking through Travel Credits, or 12 months of free activity tickets for attractions around the UK including theme parks, museums, mini golf, kayaking and escape rooms. How does it stack up to other switching deals? While its not the speediest payout on the market, TSB's switching deal offers the biggest earning potential of £190 in cash with a further £120 worth of rewards. First Direct is offering £175 to switching customers with the cash promised within 45 days of the switch completing. NatWest is offering up to £175 to those who switch to one of its current accounts. Customers can get £125 in cash for switching and a further £50 if they open a NatWest regular savings account. As with all switching deals, it is also important to consider whether the account is right for you. This might mean researching any fees and charges, scrutinising the bank's customer service levels, and finding out if there is a branch in your area.
Scoop
2 days ago
- Business
- Scoop
TSB Lifts Profit And Builds Momentum For Digital Investment
TSB Bank has reported another year of strong financial performance and strategic progress. The Bank delivered a net profit before tax of $57.6 million for the year ending 31 March 2025, up $6.7 million on the previous year. In the 2025 financial year $15m in dividends have been declared to shareholder Toi Foundation Holdings Limited (the investment management entity of philanthropic organisation Toi Foundation), an increase on the $10m declared in the prior financial year. Performance was underpinned by a $7.8 million increase in net operating income and a 1.7% reduction in operating costs. Lending and deposit growth remained strong, with commercial lending up 29% and deposits increasing by 2%. TSB also maintained strong asset quality, with non-performing loans at just 0.5%, below the industry average of 0.7%. Chair Mark Darrow says the results reflect the Bank's focus on simplifying operations to pave the way for accelerated investment in digital capability. 'TSB is now in a strong position to evolve into a digital-first bank that delivers on the expectations of modern consumers and businesses, while staying true to our customer-first values and high-quality service,' Darrow says. 'We're laying the foundations for long-term growth by investing in the right technologies, talent and tools. Our goal is to build a bank that earns trust through great service today and innovation for tomorrow - and to do so in a way that reflects our deep community roots.' Chief Executive Officer Kerry Boielle says TSB's progress is a testament to the hard mahi of our people and our ongoing commitment to delivering more for our customers and communities. 'We've made great progress this year in strengthening our systems and products, so in the year ahead, people can expect TSB to step up and offer more for everyday New Zealanders and small to medium sized businesses. 'With our community background we know we can provide a fantastic level of care in this space, so that's where we're focused on improving our offering.' TSB was named Canstar's Bank of the Year for Credit Cards for the third consecutive year in 2025 - recognition of its focus on delivering customer value. The Bank also continued to invest in customer protection, enhancing fraud prevention systems including rolling out Confirmation of Payee. Looking ahead, Boielle says regulatory reform is needed to support improved competition and innovation across the sector. 'While regulation is essential to a safe banking system, some requirements are disproportionate and hinder innovation. 'We're calling on policymakers to introduce true proportionality in banking legislation so that New Zealand-owned banks like TSB can invest more rapidly in the products and services our customers need.' With TSB celebrating its 175th anniversary in 2025, Darrow says the Bank is focused on future growth. 'We're incredibly proud of our legacy and excited about what lies ahead. Our ambition is to become New Zealand's digital bank of choice – one that continues to put people first for generations to come.'
Yahoo
2 days ago
- Business
- Yahoo
Santander Eyes TSB Acquisition as Banco Sabadell Explores Sale of UK Arm
Banco Santander (NYSE:SAN) is one of the best-performing NYSE stocks to buy now. On June 18, Santander approached Banco Sabadell, which is Spain's fourth-largest bank, regarding a potential takeover of its UK retail arm called TSB. The move comes after Sabadell confirmed receiving multiple expressions of interest for TSB, which it acquired from Lloyds Bank in 2015 for £1.7 billion. TSB originated as the Trustee Savings Bank in Dumfriesshire in 1810 and currently serves 5 million customers across the UK and holds a mortgage book valued at over £33 billion. Santander has not yet made a formal offer and may still withdraw from the bidding process. If a deal is struck, the acquisition of TSB would support Santander's UK retail banking business, which currently serves ~14 million customers across its roughly 350 UK branches. A view of a large corporate office building, illuminated at night to show its power and reach. The potential expansion follows earlier speculation that Santander might exit Britain, which is a notion strongly denied by Santander's Chief Executive, Ana Botin, who affirmed in January that the lender would remain in the UK into the future. Last month, Santander also rejected an £11 billion offer from NatWest for its own UK banking arm. Banco Santander (NYSE:SAN) provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. While we acknowledge the potential of SAN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
