One of Britain's oldest banking names, TSB, is reportedly set to disappear from the high street after 216 years as its new owner, Santander, plans to absorb it into the Santander UK brand.

Spanish banking giant Banco Santander is reportedly planning to phase out the TSB brand after its £2.65billion acquisition of the lender, which was completed last week with regulatory approval from the Prudential Regulation Authority and European Central Bank, giving Santander an additional five million customers and £45billion in assets, and the bank aims to strip out at least £400million in costs — equivalent to more than half of TSB's current cost base — with potential additional savings of £100million after 2028.