Santander completes TSB takeover

The deal received final regulatory approval from authorities in both the UK and Europe, allowing the Spanish-owned lender to significantly scale its presence.

Santander has begun writing to all customers to outline changes, though TSB will continue to operate as a separate brand for the foreseeable future.

This merger comes as the banking sector faces new challenges, including a potential £633 million bill for motor finance mis-selling.

Industry experts believe the acquisition positions Santander to better compete with the 'Big Four' UK banks.