A&O Shearman advises Santander on the acquisition of 100% of TSB Banking Group

The acquisition further strengthens Santander’s position in one of its core markets, expanding its customer base and lending capacity across the UK. Santander UK would become the third largest bank in the country by personal current account balances and number four in mortgages.

When combined, the two banks would serve nearly 28 million retail and business customers nationwide, giving TSB customers access to Santander’s international network and allowing them to benefit from the group’s leading technology platforms.

The transaction remains subject to regulatory approvals and Sabadell shareholder approval. Completion of the transaction is expected to occur in the first quarter of 2026.

The A&O Shearman team was led by M&A partners Hugh Robinson, Inigo del Val, Jane Finlayson-Brown, Bob Penn, and David Weaver, supported by counsel Jean Price, Karishma Brahmbhatt, Laur Badin, senior associates Leticia Segarra-Osorio, Greg Talbot, Reka Palla, Joyce Xu and associate Andrew Pang.