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.

Banco Santander has reached an agreement to acquire TSB Banking Group from Sabadell in an all-cash deal valued at up to £2.9bn. The deal values TSB at five times its expected 2026 net income. However,

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