Spain Largest Bank $121 Billion Santander Buys UK Retail Bank TSB Banking Group from Banco de Sabadell for $3.6 Billion in All-Cash Transaction, Acquired by Sabadell in 2015, Founded in 1810 as Trustee Savings Bank & Established as TSB Bank in 2013
2nd July | Hong Kong
Spain largest bank Santander ($121 billion market value) has announced to buy UK retail bank TSB Banking Group from Banco de Sabadell for $3.6 billion (£2.65 billion) in all-cash transaction. TSB Bank was founded in 1810 as Trustee Savings Bank, and established as TSB Bank in 2013. Announcement (1/7/25): “Santander announces that it has reached an agreement to acquire 100% of TSB Banking Group plc (TSB) from Banco de Sabadell, S.A. (Sabadell), with a valuation of £2.65 billion (approximately €3.1 billion) in an all-cash transaction. TSB is a well-established UK retail bank with a nationwide network of 218 branches and outlets, and a growing digital presence. It serves approximately 5 million customers, primarily in the personal and small business segments, with £34 billion in mortgages (2% market share in the UK) and £35 billion in deposits. The acquisition further strengthens Santander’s position in one of its core markets, expanding its customer base and lending capacity across the UK. Santander UK would become the third largest bank in the country by personal current account balances and number four in mortgages. When combined, the two banks would serve nearly 28 million retail and business customers nationwide, giving TSB customers access to Santander’s international network and allowing them to benefit from the group’s leading technology platforms.” TSB Bank – At TSB we’re pioneering a new kind of banking for Britain – one that’s simple, straightforward and cares about people. We offer friendly, honest and convenient banking that’s designed to meet our customers’ needs, not just ours. It’s what makes us different – that and our commitment to the communities we serve. We want to make banking better for everybody. With over 6,000 employees across our nationwide network of branches and operating centres, we’re dedicated to the 5 million customers across the UK who do their banking with us. In 2025 May, Santander announced to sell 49% of Santander Polska (Poland) & 50% of Polish Asset Management (TFI) to Austria Erste Group Bank for a total of $7.9 billion (€7 billion), with Santander to own around 13% of Santander Polska (Poland) post-transaction & plans to fully acquire Santander Consumer Bank Polska from Santander Polska with 60% shareholding. Santander & Erste have also formed a strategic cooperation in Corporate & Investment Banking (CIB), and to allow Erste access to Santander payments platforms.
Spain Largest Bank $109 Billion Santander to Sell 49% of Santander Polska (Poland) & 50% of Polish Asset Management (TFI) to Austria Erste Group Bank for Total of $7.9 Billion (€7 Billion), Santander Owns Around 13% of Santander Polska (Poland) Post-Transaction & Plans to Fully Acquire Santander Consumer Bank Polska from Santander Polska with 60% Shareholding, Santander & Erste Form Strategic Cooperation in Corporate & Investment Banking (CIB) and to Allow Erste Access to Santander Payments Platforms
7th May 2025 – Spain largest bank Santander ($109 billion market value) has announced to sell 49% of Santander Polska (Poland) & 50% of Polish Asset Management (TFI) to Austria Erste Group Bank for a total of $7.9 billion (€7 billion), with Santander to own around 13% of Santander Polska (Poland) post-transaction & plans to fully acquire Santander Consumer Bank Polska from Santander Polska with 60% shareholding. Santander & Erste have also formed a strategic cooperation in Corporate & Investment Banking (CIB), and to allow Erste access to Santander payments platforms. Announcement (5/5/25): “Banco Santander has agreed to sell to Erste approximately 49% of Santander Polska’s share capital for €6.8 billion and 50% of the Polish asset management business (TFI) that Santander Polska does not own for €0.2 billion, for a total consideration of €7 billion, subject to customary conditions including regulatory approvals. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times first quarter 2025 tangible book value per share, excluding the declared dividend of 46.37 zlotys per share, and 11 times its 2024 earnings. It also represents a premium of 7.5% versus Santander Polska’s closing price on 2 May 2025, excluding the dividend, and 14% versus the six-month volume-weighted average price. Santander Polska’s shares will trade ex-dividend on 12 May 2025. Following the transaction, Santander will own c.13% of Santander Polska and plans to take full ownership of Santander Consumer Bank Polska before closing by acquiring the 60% stake owned by Santander Polska. Upon completion, which is expected around the end of 2025, the transactions are expected to result in a net capital gain of approximately €2 billion for Santander, increasing CET1 ratio by c.100 basis points, equivalent to around €6.4 billion, and result in a pro forma CET1 ratio of around 14%. Strategic cooperation – In addition to the acquisition, Santander and Erste are also announcing a strategic cooperation to leverage each firm’s strengths and footprint in Corporate & Investment Banking (CIB) and to allow Erste to gain access to Santander’s payments platforms, aligning with Santander’s strategy to be the best open financial services platform globally.”
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