Spanish bank Sabadell has decided to sell its British unit TSB to Santander for 2.65 billion pounds ($3.64 billion), Spanish newspaper Expansion said on Tuesday.

Banco Santander (NYSE:SAN) on Tuesday announced an agreement to acquire 100% of the UK-based TSB Banking Group from Banco de Sabadell (OTCPK:BNDSF) (OTCPK:BNDSY) for an enterprise value of £2.65B in an all-cash transaction.

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.