Santander CFO Jose Garcia Cantera discusses the lender’s decision to agree to buy Sabadell’s UK unit TSB. Speaking on Bloomberg Television, Cantera says "most" of the savings from buying TSB will come from projects that TSB is currently running "that we will not need to do when the two banks merge," and "not all" of the targeted savings will come from job cuts or branch closures. He also talks about how the purchase of TSB will help Santander "stabilize" its risk profile and earnings volatility stemming from its exposure to emerging markets.
00:00 – Santander agreeing to buy Sabadell’s UK unit TSB
04:04 – Santarnder’s interest in TSB, interest in UK market, low-risk business
06:49 – Technology, bigger digital distribution network, migration from TSB to Santander technology
07:44 – Santander not looking at M&A prospects in the US
08:40 – Banking consolidation in Spain, Europe
09:19 – BBVA’s takeover bid for Sabadell
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