Company: BCDRF
Filing Date: 2025-07-01
Form Type: 6-K
Source: 0000950103-25-008240
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-07-01
Form: 6-K
Chunk 3
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 policy. Santander’s 2025 objectives remain unchanged.

Proven integration capability

Santander is one of the largest international investors
in the UK financial services industry, having successfully acquired and integrated Abbey in 2004 and both Alliance & Leicester and
Bradford & Bingley in 2008. It has a proven track record in successful banking platform migrations.

By integrating technology across Santander UK and
TSB, Santander expects to unlock substantial operational efficiencies and support long-term profitability through a simplified, scalable
digital banking model.

Commenting on the transaction, Ana Botín, Banco Santander’s executive chair, said:

"The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander’s long-term objectives. It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.

We are creating a stronger and more competitive business across key products such as personal current accounts where the combined business will become the third largest bank in the UK by market share.

| Corporate Communications                            
 Ciudad Grupo Santander, edificio Arrecife, planta 2 
 28660 Boadilla del Monte (Madrid).                  
 comunicacion@gruposantander.com                     
 www.santander.com - Twitter: @bancosantander        | 2 |

The transaction will accelerate our path to greater profitability in the UK and helps achieve a return on tangible equity of 16% by 2028.

The acquisition also reflects our commitment to growing profitably through disciplined capital allocation. This acquisition meets our goal of achieving a return on investment above 20% and EPS accretion from year 1, while consuming limited capital and having low execution risk.

Furthermore, the transaction will not affect Santander’s existing distribution policy and 2025 targets.”

Commenting on the benefits
for Santander UK and TSB customers, Mike Regnier, CEO of Santander UK, said:

"This is an excellent deal for customers combining two strong and complementary banks, creating one of the most substantial banks in the UK and materially enhancing the competitiveness of the industry.

“At Santander UK we have momentum in our strategy to become the best bank for customers in the UK by investing in technology and service and improving our processes and efficiency. This deal accelerates our transformation allowing us to enhance our customer proposition and invest more in innovative products and our digital offering, supported by the human touch service so many appreciate, not