Santander intends to integrate TSB in the Santander UK group, becoming the fourth largest UK mortgage lender.

The Spanish bank said it had received “preliminary, non-binding expressions of interest” from unnamed parties.

Craig Calder joins as TSB's secured lending director while head of mortgage intermediaries, Beverley Bradford, will move into an expanded role as head of mortgage distribution.

The Financial Conduct Authority (FCA) has fined TSB Bank plc £10,910,500 for failure to ensure customers in arrears were treated fairly, including mortgage customers.

TSB argued that charging borrowers different rates is a “basic feature of the mortgage market”.