TSB banks to ‘disappear’ from UK high street after more than 200 years

TSB bank may disappear from the high street soon (Credits: Bloomberg via Getty Images)

British bank brand TSB will be disappearing from UK high streets after a 215-year run.

In April, Spanish bank chain Santander completed its £2.6billion takeover of TSB, purchasing it from rival bank Sabadell last year.

The takeover has seen the two brands combine to create Britain’s third-largest bank, but that won’t be for long.

According to the Financial Times, Santander plans to phase out the TSB brand from UK high streets and run the chain’s banks under its Santander UK arm once both have been integrated.

The plans are part of the Spanish bank’s attempt at saving £400million across the combined business, a process which usually involves closing branches and cutting duplicate jobs.

Santander’s takeover of TSB completed in April and changes are coming (Credits: Bloomberg via Getty Images)

Santander has been restructuring its operations over the last few years by axing jobs. Just this year, it plans on closing 44 of its UK branches, with more set for 2027.

Further cuts to save an additional £100million have been proposed once the two banks have integrated, starting in 2028.

TSB operates around 175 branches in the UK. It’s unknown if any of these will close as part of the takeover.

The bank has confirmed that there will be ‘no immediate changes’ to the TSB brand or customer accounts for ‘at least’ 12 months.

In a statement, Santander described TSB as a ‘strong consumer banking brand’ and said it will ‘consider carefully how to make the most of the brand value model long term’.

The reports come as multiple restaurants and retail chains face closures across the country.

Santander has been making cuts to its business by closing branches across the UK (Credits: In Pictures via Getty Images)

Franco Manca and The Real Greek are facing multiple branch closures, along with the popular Beefeater and Brewers Fayre restaurants and MEATliquor.

Over the last month, Quiz Clothing has entered into administration, Southern Co-op has warned of collapse after three years of losses, and chains like GAME, The Original Factory Shop, and Russel & Bromley have all closed shops.

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