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Santander has agreed to buy British high street lender TSB for £2.65bn, in a move that underlines the Spanish lender’s commitment to its UK retail business just months after it entertained bids for the unit.
The bank beat British rival Barclays which also put in a formal bid for the Sabadell-owned unit, according to people familiar with the matter.
It comes as Sabadell, which bought TSB in 2015 for £1.7bn, is seeking to fend off an €11bn hostile approach from its domestic rival BBVA.
Santander has in the past year entertained bids from both NatWest and Barclays for its UK retail arm, but ultimately rejected the offers due to disagreements over price.
This is a developing story
