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 agrees £2.65bn deal to acquire TSB from Spain’s Sabadell, beating Barclays in latest move amid accelerating UK banking consolidation.