Spanish banking group Banco Sabadell announced on Friday the appointment of Marc Armengol as chief executive officer of its UK subsidiary TSB, subject to regulatory approval.
Armengol will succeed Robin Bulloch, who will retire after a 45-year career in retail banking, including five years at TSB.
Armengol is currently Chief Operations Officer for Banco Sabadell, a role he has held since March 2021. He has also been on the TSB board since March 2022 as non-executive director.
The appointment comes as Sabadell tries to fend off a hostile takeover bid from BBVA.
Sabadell reaffirmed its commitment to help TSB become a main contributor to improving the group’s profitability with Sabadell CEO Cesar Gonzalez-Bueno saying it would continue to see TSB’s “turnaround strategy in action” under Armengol.
Sabadell has said it is under no pressure to sell TSB, putting previous plans to divest the lender on hold until it turns the bank around — and making TSB part of its long-term growth strategy.
“Since becoming CEO TSB three years ago, Robin has successfully transformed the customer experience, with TSB focused on being a purpose-led brand underpinned by strong colleague engagement,” said TSB.
“Under Robin’s leadership TSB has delivered record financial results in consecutive years.
“Marc is well known to TSB. He served as Strategy Director, and a member of the TSB Executive Committee, from 2018 to 2021, and has been a member of the TSB Board since 2022.
“He joined Sabadell in 2002 and has extensive international experience, including several years as COO in their international businesses.
“Marc is expected to rejoin TSB in early 2025 and will work with Robin on an orderly handover.”
TSB chair Nick Prettejohn said: “We’re grateful to Robin for his outstanding contribution not only to TSB but also to retail banking for more than four decades.
“Robin leaves TSB a successful, simpler, stronger and more customer-focused bank and we’re well positioned for the next phase of growth.
“He hands over the baton to Marc who is a proven leader and knows TSB well. As an established TSB Board member, I’ve always admired Marc’s ambition for the future of TSB and its customers. Marc’s appointment will allow us to build further on the progress of recent years.”
Bulloch said: “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.
“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.
“However, more importantly, I want to thank all of my colleagues at TSB for their dedication and their unstinting efforts every day to make TSB a better bank.”
Armengol said: “I’m delighted to be rejoining TSB – a leading challenger bank and trusted brand that is delivering Money Confidence for millions of customers every day.
“I’m looking forward to building on the great work and passion and commitment of TSB colleagues to continue to unleash TSB’s potential and deliver even more for customers.”
Banco Sabadell CEO César González-Bueno conveyed the “unanimous gratitude of the entire organisation for the excellent work carried out by Robin Bulloch.”
Sabadell’s CEO said: “Marc Armengol’s strategic vision, his experience as an executive and director of TSB, and his knowledge of the British market, will help us build an even stronger, more solid franchise, more focused on growth and better customer service …
“TSB is part of the group’s present and future, and with Marc’s leadership we will continue to advance the franchise’s transformation and its contribution to our results.”
TSB’s contribution to the Banco Sabadell Group’s accounts “was 168 million euros in the first nine months of 2024, and 4.3% more year-on-year,” said Sabadell.
TSB chair Prettejohn said: “The decision of the TSB Board of Directors to appoint Marc Armengol is a testament to Marc’s proven leadership and knowledge of the bank.
“I have always admired his ambition and commitment to the future of TSB and its customers.”