Santander UK plc (SANB) has announced it filed a High Court application on 30 October 2026 to transfer substantially all of TSB Bank plc's banking business to Santander UK under a Part VII scheme governed by the Financial Services and Markets Act 2000. The Court hearing is scheduled for 15 February 2027, with the Scheme proposed to take effect on 22 March 2027 if sanctioned. The move represents a significant structural development in the UK retail banking sector, potentially expanding Santander UK's customer base and branch network substantially. Investors and TSB customers are being directed to dedicated resources ahead of the hearing.

Key Points

  • Santander UK plc (SANB) and TSB Bank plc jointly filed the application on 30 October 2026
  • The application seeks a High Court Order to transfer substantially all of TSB's banking business to Santander UK via a banking business transfer scheme
  • Court hearing scheduled for 15 February 2027; if approved, the Scheme is proposed to take effect on 22 March 2027
  • Investors should monitor the Court's decision and any regulatory submissions to the PRA and FCA ahead of the February hearing

Part VII Application Filed Jointly by Santander UK and TSB on 30 October 2026

Santander UK and TSB Bank plc jointly submitted the application to the High Court of Justice on 30 October 2026, seeking an Order under section 111(1) of the Financial Services and Markets Act 2000. The Scheme, as described in the announcement, would transfer substantially all of TSB's business to Santander UK, with the exception of certain unspecified assets and liabilities. The full terms are set out in a formal Scheme Document, which is available on request free of charge from TSB, and also accessible via TSB's dedicated website at tsb.co.uk/santander-update until the date of the Court hearing.

High Court Hearing Set for 15 February 2027 at the Rolls Building, London

The application is scheduled to be heard at the Rolls Building, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL on 15 February 2027. Should the Court sanction the Scheme, the transfer is currently proposed to take effect on 22 March 2027, though these dates remain subject to change. Any person who believes they would be negatively affected by the Scheme holds a legal right to object, either by contacting TSB directly, attending the hearing in person, or appointing a representative to attend on their behalf.

Regulatory Oversight: Objections to Be Submitted to the PRA and FCA

TSB is required to submit a summary of all objections received to the Court, as well as to the Prudential Regulation Authority and the Financial Conduct Authority, underscoring the regulatory scrutiny applied to major banking business transfers under UK financial law. This dual oversight mechanism reflects the systemic importance of the transaction to UK retail banking. TSB has also committed to making reasonable efforts to address concerns raised before the hearing date, providing an additional layer of stakeholder engagement ahead of the Court's decision.