The Santander banking group has reached an agreement to buy subsidiary TSB, strengthening its position in the UK market.

Santander has announced a £2.65 billion deal to acquire rival Sabadell's UK subsidiary TSB, amid a hostile takeover bid for Sabadell from BBVA. The acquisition would propel Santander to third place in the UK, expanding its network and customer base. Chief executive Ana Botin emphasized her confidence in the bank's strategy and the UK market, anticipating savings of at least £400m. Santander also plans a €10 billion share buyback program between 2025-2026.