Santander has announced it will buy British bank TSB for £2.65 billion, raising fresh concerns about job losses and branch closures across the UK. The deal, expected to complete in early 2026, will see TSB absorbed into Santander’s existing UK operations, making it the third-largest provider of personal current accounts in the country.
TSB currently operates around 175 branches and employs approximately 5,000 people. With Santander already running a large branch network, fears are growing that overlapping locations could lead to widespread closures and redundancies. Staff and unions have called for reassurances as the integration process begins. The acquisition also strengthens Santander’s footprint in the UK banking sector at a time of increasing consolidation. Executives say the move will improve efficiency and deliver hundreds of millions in cost savings, but critics warn that streamlining often comes at a human cost.
The future of the TSB brand remains uncertain, with industry insiders suggesting it may eventually be phased out. The deal still needs approval from regulators and shareholders before it goes ahead. Communities served by both banks now wait to see how the merger will affect their local services and whether the promised benefits of the deal will outweigh the potential disruptions to jobs and customer access
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