Banco Santander (SAN) plans to phase out the TSB Bank brand from UK high streets following its acquisition, the Financial Times reported, citing unnamed people familiar with the matter.

The Spanish lender plans to integrate TSB into its UK operations and rebrand the combined business as Santander UK following its recently completed 2.65 billion pounds ($3.61 billion) acquisition from Banco Sabadell, according to the report.

The acquisition brings roughly 5 million customers and over 45 billion pounds in assets to Santander's UK unit, enhancing its footprint in Scotland and northern England, the report added.

Banco Santander did not immediately reply to MT Newswires' request for comment.

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