TSB has appointed Marc Armengol as its subsequent chief govt, becoming a member of from the excessive avenue financial institution’s Spanish mother or father Sabadell.
Armengol will succeed Robin Bulloch who retires after a 45-year profession in retail banking, which noticed him be part of TSB in 2019 and lead the lender two years later.
The transfer comes as Sabadell fends off a hostile takeover bid from Spanish large BBVA, and as TSB undertakes a restructuring course of to spice up earnings.
In Could, BBVA launched a hostile takeover of Sabadell valued at greater than €12bn after its board rejected a bid of the identical worth.
Armengol is at present chief operations officer at Sabadell, a job he has held since March 2021.
Previous to this, he was company technique director at TSB for 3 years and lived in London.
Armengol first joined Sabadell in 2002, the place, the financial institution says “he spearheaded the transformation of the financial institution’s working mannequin, main large-scale tasks throughout the financial institution, and co-ordinating the combination of a number of acquisitions in Spain”.
The incoming TSB head will rejoin the UK financial institution “in early 2025” and can work with Bulloch on an orderly handover. His appointment is topic to regulatory approval.
TSB chair Nick Prettejohn says that Armengol “is a confirmed chief and is aware of TSB effectively”.
Armengol provides that he’s “delighted to be rejoining TSB – a number one challenger financial institution and trusted model”.
Sabadell purchased TSB for £1.7bn in 2015.
