Spanish Banco Santander S.A., the biggest lender in continental Europe by market capitalisation, is buying Scotland-based commercial bank TSB for £2.65 billion (€3.08bn). This is a major step to bolster the Spanish lender’s future in the UK, as it has been struggling to keep its UK arm afloat.
The acquisition of TSB Bank means 5 million customers will be transferred to Santander, who will keep a total of £35bn (€40.1bn) in their deposits.
