The owner of high street bank TSB has announced its sale to rival Santander in a deal worth £2.65billion.
While still to be approved by shareholders of Sabadell, the current owner of TSB, the deal would see Santander "integrate TSB in the Santander UK group", the BBC reports.
The deal would create the third largest bank in Britain in terms of personal current accounts.
A spokeswoman for Santander admitted the takeover would result in job cuts and did not rule out the possibility of branch closures.
Santander currently has 349 banks in the UK, almost double TSB's 175, although Santander has been closing branches, citing the shift to online banking.
The deal is expected to be completed in Q1 2026.
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