Santander to buy TSB for £2.65bn amid fears of branch closures and job losses

Purchase would be third major change of ownership for high street lender in 13 years

The Spanish bank Santander is buying the British high street lender TSB for 2.65bn, raising fears of job cuts and branch closures across the combined group.

The proposed deal, announced on Tuesday evening, is the result of a takeover tussle in Santander's home base of Spain, with the lender Sabadell having decided to sell TSB as it faces an 11bn (9.4bn) hostile approach from a rival, BBVA.