BANCO SANTANDER S.A. - Completion of the acquisition of TSB Banking Group, plc

AI Briefing

• – Acquisition completes following regulatory approvals, Santander confirms TSB will operate as a standalone business, Integration of TSB's retail and commercial banking operations underway
• – Santander expects the acquisition to be accretive to earnings from 2023
• – TSB's 650 branches and 15,000 staff to be retained