A&O Shearman advises Santander on the €3.1b acquisition of TSB Banking Group
A&O Shearman is advising Santander on the acquisition of 100% of TSB Banking Group (TSB) from Banco Sabadell, announced on 1 July 2025 by both banks, with a valuation of £2.65 billion (approximately €3.1 billion) in an all-cash transaction.
The acquisition further strengthens Santander’s position in one of its core markets, expanding its customer base and lending capacity across the United Kingdom. Santander UK would become the third largest bank in the country in terms of personal current account balances and the fourth largest in mortgages.
Once combined, the two banks would serve nearly 28 million retail and commercial customers across the country, giving TSB customers access to Santander’s international network and enabling them to benefit from the group’s leading technology platforms.
The transaction is subject to regulatory approvals and approval by Sabadell shareholders. It is expected to be completed in the first quarter of 2026.
The A&O Shearman team was led by M&A partners Hugh Robinson, Inigo del Val (pictured left), Jane Finlayson-Brown, Bob Penn and David Weaver, supported by lawyers Jean Price, Karishma Brahmbhatt, Laur Badin (pictured in the middle), senior associates Leticia Segarra-Osorio, Greg Talbot, Reka Palla (pictured right), Joyce Xu and associate Andrew Pang.
