“TSB complements us and will help us cover the United Kingdom better”
Banco Santander assures that the acquisition of TSB from Banco Sabadell in the United Kingdom is progressing according to the planned schedule and, therefore, will be closed in March 2026, as agreed in the agreement. From the Cantabrian entity, its CEO, Héctor Grisi, has highlighted the benefits of the operation which, as he said, “makes a lot of sense” because it will position them as the third bank in the country. “TSB complements us and will help us cover the United Kingdom better,” he said.
During the presentation of the quarterly results, in which the entity has obtained a record profit of 10,337 million, Grisi commented that it will allow them to expand their presence in the north of the country. “The purchase will boost ROTE to the target sooner than expected,” he stated after pointing out that the bank has shelved, for the moment, the objective of separating the consumer business – spin off, as it is known in the jargon – from the rest of the business in the United Kingdom. The division has been affected by the so-called ‘car case’, forcing the bank to reinforce provisions in the event of litigation.
The team headed by Ana Botín sealed the transaction with Oliu’s team last July in a controversial corporate move, given that it was announced in the middle of BBVA’s takeover bid for Sabadell.
(news in extension)
