How New Santander CEO Mahesh Aditya Will Lead Transformation

Santander has announced the appointment of current Chief Risk Officer (CRO) Mahesh Aditya as the next CEO of Santander UK, effective 1 March 2026. 

Mahesh, who has been with the bank for close to a decade in a number of senior and executive roles, will oversee and drive the integration of TSB, which Santander agreed to acquire on 1 July for US$3.4bn from Banco Sabadell. 

The acquisition, which is still subject to regulatory and shareholder approval, is expected to be completed in early 2026. 

Discussing Mahesh’s appointment, Santander Chair Tom Scholar says: “I am delighted to announce the appointment of Mahesh Aditya as our new CEO.

“With wide industry experience and deep knowledge of the Santander Group he is ideally placed to lead Santander UK through the next phase of our transformation and oversee a successful acquisition and integration of TSB. This will be critical to our ambition to be the best bank for customers in the UK.”

Leading banking transformation

Mahesh replaces Mike Regnier as CEO at Santander UK. He will lead TSB’s integration into the bank’s portfolio, a move that will accelerate growth and innovation. 

He says: “I am pleased to be joining Santander UK as its CEO at such an important time. The acquisition of TSB will both accelerate our transformation and add to the considerable inward investment Group has made in the UK since it entered the market in 2004. 

“It presents us with a real opportunity to execute the Group's strategy in the UK, in which the integration of TSB will play a crucial role. It will enhance our offer to customers, enable us to grow and become a more competitive business creating genuine value for our investors."

Santander announced an agreement to acquire 100% of TSB Banking Group plc from Banco de Sabadell in July 2025, valuing the deal at US$3.4bn.

TSB is a long-established UK retail bank with around 175 branches and outlets, serving roughly five million customers across personal and small business banking. 

Santander said the acquisition would strengthen its position in UK retail banking, with the combined group expected to become the third largest bank by personal current account balances and fourth in mortgages. 

Together, Santander UK and TSB will serve close to 28 million retail and business customers, with TSB customers gaining access to Santander’s international network and technology platforms.

Santander also highlighted its experience integrating major UK banking acquisitions, including Abbey in 2004 and Alliance & Leicester and Bradford & Bingley in 2008. The group plans to integrate technology across both banks to support a simplified digital model.

Ana Botín, Executive Chair of Banco Santander, said: “The acquisition of TSB represents a continuing strategic commitment to our customers in the UK, offering a compelling opportunity that is financially attractive to our shareholders and aligned with Santander’s long-term objectives. 

“It strengthens our franchise in a core market through the acquisition of a low-risk and complementary business that adds to our diversification.”

Core banking experience

Mahesh brings more than 30 years’ financial services experience to the CEO role at Santander, having held senior positions across a range of blue-chip brands including Citi, JPMorgan Chase & Co and Capital One. 

He has held several executive roles at Santander since joining in 2017, including Group Chief Risk Officer and CEO of Santander Consumer USA, as well as serving recently on the Santander UK board. 

Pedro Castro e Almeida will replace Mahesh as Group Chief Risk Officer. 

Pedro, who joined the group in 1993, is currently CEO of Santander Portugal, a position he has held since 2019, during which he transformed the bank into the most efficient and profitable in the country. He also served as the group’s regional head for Europe from 2023 to 2025.