Santander UK’s chief to step down ahead of TSB merger

Santander has announced its UK chief executive Mike Regnier will be leaving the bank to hand over the reins ahead of its major merger with TSB.

Mr Regnier said he wants to pursue “other interests” so it is the right time to step down from the Spanish banking giant.

He will leave by the first quarter of 2026, and Santander’s board has started the process to find his successor.

Mr Regnier said: “It had been my intention to move on after four-five years with Santander as I have other interests I would like to pursue.

“Given that the integration of TSB will take considerably longer than this, I have suggested to the board that now would be a good time to find a successor who can see this critical project through to its completion and beyond.

“Judging the right moment to move on is very important to ensure leadership stability through a period of intense change and opportunity.”

Mr Regnier’s departure will bring an end to a four-year tenure as the boss of the UK bank.

Ana Botin, the executive chairwoman of the wider Banco Santander group, said Mr Regnier was “always very clear about his intention to stay for up to five years”.

She added: “His decision allows an orderly transition and stable leadership through a very important integration project and the creation and growth of the newly enhanced bank.”

Santander agreed to acquire its smaller UK rival in July in a deal worth £2.65 billion.

It plans to bring TSB’s operations into the Santander UK group, which would create the third largest bank in the country by personal current account balances.

It means the TSB brand could vanish from UK high streets after the merger completes, and has raised fears about further branch closures across the combined group.