TSB Bank has appointed Marc Armengol to be its new chief executive as current boss Robin Bulloch prepares to retire after a 45-year career in banking.
The bank said on Friday that Armengol, director of operations and technology at Spanish parent company Banco de Sabadell, is expected to rejoin TSB in early 2025.
He previously served as the bank’s strategy director and was a member of TSB’s executive committee between 2018 and 2021.
Armengol has been on TSB’s board since 2022. He joined Sabadell in 2002 and has held several positions, including a three-year stint as chief operating officer of its international businesses. Nick Prettejohn, TSB’s chair, said Armengol “is a proven leader and knows TSB well”.
Bulloch was named TSB’s permanent CEO in April 2022 after fourth months as interim boss following Debbie Crosbie’s move to run Nationwide Building Society. His career has also included roles at Lloyds Bank and RBS.
Robin Bulloch
“I have been very fortunate to work in retail banking for virtually my whole career with a focus on doing what’s right for our customers,” Bulloch said.
“The fact that my executive career concludes with me at the helm of TSB, where I opened my first bank account aged five, gives me a personal sense of fulfilment.”
The change in leadership, subject to regulatory approval, comes at an important moment for TSB as Sabadell fends off a hostile takeover attempt by larger domestic rival BBVA.
If BBVA succeeds, it is expected to consider selling the British lender given its limited existing presence in the UK compared to Sabadell.
Marc Armengol
While several international authorities have green-lit BBVA’s bid, the Spanish government has opposed the potential takeover and an antitrust review by the country’s competition watchdog could extend well into 2025.
TSB itself is also in the midst of a restructuring to shore up its profitability. In May, the bank confirmed it would cut around 250 jobs and close three dozen branches to reduce costs and shift to digital services.
Armengol said he looked forward to “building on the great work and passion and commitment of TSB colleagues”.
TSB was founded in 1810 as the Trustee Savings Bank and merged with Lloyds Banking Group in 1995. It was divested following the financial crisis and bought by Sabadell for £1.7bn in 2015.
In 2018, TSB’s new ownership hit turbulent waters after an IT meltdown triggered by an attempt to move customer data to Sabadell’s new computer system.
The incident hurt TSB’s public image, triggered the departure of its then CEO Paul Pester and eventually saw the bank fined nearly £49m by the Financial Conduct Authority in 2022.