COLIN Smyth MSP has expressed his concern over the announced takeover of TSB by Santander, warning that the deal could lead to widespread branch closures, job losses, and a severe loss of choice for bank customers—especially in towns that already have Santander and TSB branches.
The £2.65 billion acquisition, announced on 1 July, will transform Santander UK into the third largest bank in terms of retail current accounts and deposits
Commenting, Mr Smyth said: “This deal may make Santander and its profits bigger—but it will almost certainly mean fewer bank branches, fewer local jobs, and fewer choices for bank customers.
“In towns where there’s already a Santander, then TSB branches are likely to close. This will be a deeply worrying time for staff.
“It’s hard to see how having two bank branches in a town one day and just one the next is anything but a cut in jobs, a loss in competition and an erosion of services, especially for older people.
TSB currently employs around 5000 staff and operates roughly 175 branches across the UK.
Colin Smyth added: “I’m calling on Santander, the Financial Conduct Authority, and the Bank of England to ensure any takeover deal delivers a commitment to preserve high street presence, protect jobs, and safeguard banking access for customers.”
