TSB names Banco Sabadell exec Marc Armengol as new CEO
TSB has concluded its search for a new CEO with the appointment of board member Marc Armengol, who will succeed Robin Bulloch in “early 2025”.
TSB’s next CEO, Marc Armengol (Image: TSB)
Bulloch is set to retire from a 45-year career in retail banking, including the past five at TSB, where he has served as CEO for the last three.
Armengol has been a member of TSB’s board since 2022, and previously served as director of corporate strategy for the UK bank between 2018 and 2021.
He has spent the bulk of his career working for TSB’s Spanish parent company Banco Sabadell, most recently as COO and head of operations and technology.
Sabadell acquired TSB for £1.7 billion in 2015, but has also had to juggle potential acquisitions of its own in recent years.
The banking group previously engaged in merger talks with Spanish rival BBVA in 2020. However, disagreements regarding price caused the deal to fizzle out less than two weeks after it was first announced.
BBVA came back again this year, presenting a revised takeover bid to Sabadell in April, with current negotiations remaining ongoing and subject to regulatory approval.
In September, the UK’s Prudential Regulation Authority (PRA) gave BBVA authorisation to take indirect control of TSB. However, BBVA’s plans for TSB should its acquisition of Sabadell prove successful have yet to be disclosed.
With the appointment of Armengol last week, Sabadell CEO César González-Bueno emphasised that “TSB is part of the group’s present and future”.
