TSB to be sold to Santander for up to £2.9bn

British High Street bank TSB is being sold off by its Spanish-owner to rival Santander in a deal worth up to £2.9bn.

The sale still has to be agreed by Sabadell's shareholders, but if TSB does change hands, it will be the second time it has been sold in a decade.

Santander declined to comment on whether the TSB brand - which can trace its roots back more than 200 years - will remain.

TSB has 175 branches in the UK while Santander has around 349 banks in Britain, but it has been shutting branches, saying more customers want to do their banking digitally.