Banco Santander (LSE:BNC) has completed its takeover of TSB, finalising the £2.65 billion deal yesterday and handing the Spanish banking giant a much bigger footprint on the UK high street. The acquisition, first announced last July, sees TSB absorbed into Santander UK, creating a combined business that will serve nearly 28 million retail and business customers.
Lloyds and Santander were the worst affected by bank account switching in the past quarter, with Barclays also one of the major net losers. Santander UK (LSE:BNC) saw a net 23,000 account switches between July and September 2025, the largest for an individual lending brand, as over 33,000 accounts were closed and over 10,000 added.