TSB to be offered to Santander for as much as £2.9bn | EUROtoday

British High Street financial institution TSB is being offered off by its Spanish-owner to rival Santander in a deal value as much as £2.9bn.

The sale nonetheless needs to be agreed by Sabadell’s shareholders, but when TSB does change arms, it will likely be the second time it has been offered in a decade.

Santander declined to touch upon whether or not the TSB model – which may hint its roots again greater than 200 years – will stay.

TSB has 175 branches within the UK whereas Santander has round 349 banks in Britain, nevertheless it has been shutting branches, saying extra clients need to do their banking digitally.