MADRID (Reuters) -Spanish bank Sabadell has decided to sell its British unit TSB to Santander for 2.65 billion pounds ($3.64 billion), Spanish newspaper Expansion said on Tuesday. Both Santander and Sabadell declined to comment.

Santander announces that it has reached an agreement to acquire 100% of TSB Banking Group plc (TSB) from Banco de Sabadell, S.A. (Sabadell).

Santander has agreed to buy TSB as part of a takeover deal worth £2.65billion. The banking giant is set to take on all of TSB’s five million customers, which includes current accounts, loans, savings, and mortgages. It is still in its early stages, however, the deal is expected to be completed in the first three months of 2026.