UK-based lender TSB is closing 17 of its branches ahead of its takeover by Spanish banking group Sabadell in a deal valued at £1.7bn.

The bank will close the branches that are located within 500 metres from another TSB branch.

TSB head of branches Peter Navin said: "This is part of a big project to improve the customer experience in our branches.

"Clearly if we have a branch where nothing is being sold then we would look at that. As far as the partners are concerned, they will not have to worry about whether they had sold this product or that one."

The bank, which was formed in 2013 after being spun out of Lloyds Banking Group and is currently subject to a takeover bid from Spanish owned Sabadell, has 631 branches.

TSB CEO Paul Pester said, as he plans to position the bank as a challenger to the big four namely Lloyds, HSBC, Barclays and Royal Bank of Scotland: "TSB is starting to fire on all cylinders as we take on the big banks in our mission to bring more competition to UK banking."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.