Richard Meddings has announced his intention to step down as chairman of TSB Bank plc following Spanish parent firm Banco Sabadell’s decision that no sale process for TSB “will be initiated in the near future.”

Meddings will continue to lead the board while the search for a successor takes place.

Meddings was appointed to the board of TSB in September 2017 and became chairman in February 2018.

He served as executive chairman on an interim basis between September 2018 and the end of April 2019.

“Last year, Richard made clear in his discussions with the board of Sabadell that he did not wish to serve a full second term as chairman of TSB,” said TSB.

“Richard has stayed on in light of last year’s merger talks involving Sabadell and a strategic review which could potentially involve the sale of TSB.

“Following Sabadell’s announcement last week that no sale process will be initiated in the near future and with TSB performing well, this is the right time for Richard to step down.

“Richard leaves with TSB well set for the future – with a highly effective CEO, Debbie Crosbie; an experienced new management team; a new strategy for growth already well in execution; and TSB taking direct control of its technology systems, an essential step for the bank – all of which enable TSB to better serve its five million customers and return to profitability.”

TSB Bank CEO Debbie Crosbie said: “The whole bank will miss Richard greatly, but I am delighted he will continue to lead us as we search for a new chair.

“TSB will forever be indebted to Richard for stepping in to lead the business after migration and then, as chairman, taking the right steps to get us to where we are now – a strong and growing bank with customers at its heart.

“On a personal level, I am hugely grateful to Richard for the close working relationship we have built, and his support and counsel through my first two years as CEO.”