TSB has appointed Marc Armengol as its next chief executive, joining from the high street bank’s Spanish parent Sabadell.
Armengol will succeed Robin Bulloch who retires after a 45-year career in retail banking, which saw him join TSB in 2019 and lead the lender two years later.
The move comes as Sabadell fends off a hostile takeover bid from Spanish giant BBVA, and as TSB undertakes a restructuring process to boost profits.
In May, BBVA launched a hostile takeover of Sabadell valued at more than €12bn after its board rejected a bid of the same value.
Armengol is currently chief operations officer at Sabadell, a role he has held since March 2021.
Prior to this, he was corporate strategy director at TSB for three years and lived in London.
Armengol first joined Sabadell in 2002, where, the bank says “he spearheaded the transformation of the bank’s operating model, leading large-scale projects across the bank, and co-ordinating the integration of multiple acquisitions in Spain”.
The incoming TSB head will rejoin the UK bank “in early 2025” and will work with Bulloch on an orderly handover. His appointment is subject to regulatory approval.
TSB chair Nick Prettejohn says that Armengol “is a proven leader and knows TSB well”.
Armengol adds that he is “delighted to be rejoining TSB – a leading challenger bank and trusted brand”.
Sabadell bought TSB for £1.7bn in 2015.
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